Alleged N32.1m Money Laundering: EFCC Arraigns Former Harmony Holdings Top Official Bayo Sanni In Ilorin
Former Group Executive Director of Harmony Investments and Property Development Company Limited, Mr Adebayo Sanni has been arraigned on charges of money laundering.
Charges were filed against him by the Economic and Financial Crimes Commission (EFCC) and he was brought before Justice Abimbola Awogboro of the Federal High Court, Ilorin, Kwara State on Monday, July 20, 2026.
Harmony Holdings Ltd which was established in 2012, was an investment company owned by the Kwara State Government and it managed public businesses including transport and real estate.
A statement made available to Team@orientactualmags.com noted that Mr Femi Sanni is facing N32.1 million fraud charges while adding that the alleged offences are contrary to Section 15(2)(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012, and punishable under Section 15(3) of the same Act.
‘Sometime in 2018, the defendant, while serving as the Group Executive Director of Harmony Investments and Property Development Company Limited, allegedly processed an allocation letter in favour of one Mr. Nasiru Mahmoud. He reportedly instructed Mr. Akinwunmi Akinola to dispose of the property located in Galadimawa, Abuja, and directed that the proceeds from the sale be returned to him through friends and family members. Part of the proceeds was allegedly handed over to him in cash.
Investigation revealed that the defendant did not follow due process to allocate the property to the purported Mr. Nasiru Mahmoud while the proceeds of sale were also not handed over to the company. He collected same through friends and family and utilized it.
One of the counts reads:
‘That you, Adebayo Sanni, sometime in March, 2019, at Ilorin within the jurisdiction of this Honourable Court, laundered the sum of N19,901,500.00 (Nineteen million, Nine Hundred and One Thousand, Five Hundred Naira) derived directly from an illegal act through Oliyide Ayodele bank account number 0025523684 domiciled with Guaranty Trust Bank PLC. with the aim of disguising the illicit origin of the money and thereby committed an offence contrary to Section 15 (2)(a) of the Money Laundering Prohibition (Amendment) Act, 2012 and punishable under Section 15 (3) of the same Act.”
The defendant pleaded not guilty to the charge when it was read to him.
Consequently, counsel for the EFCC, Sesan Ola, urged the court to fix a date for commencement of trial and remand the defendant in custody pending trial. However, the defendant’s counsel, I.O Atofarati pleaded with the court to admit his client to bail.
Justice Awogboro, after listening to the argument from both sides, adjourned until July 22, 2026, for ruling on the bail application and ordered that the the defendant should be remanded in the EFCC custody.
It will be recalled that, in February 2020, the Commission secured a final order of forfeiture in respect of a property located at No. 11, Catchment Road, GRA, Ilorin, belonging to the defendant, pursuant to the judgment of Justice Sikiru Oyinloye. The order was granted in a non-conviction-based asset forfeiture proceeding instituted under Suit No. KWS/125C/2019’ the statement added-Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08035023079, 09094171980 or get in touch via orientactualmag@gmail.com. Thank you
