The Supreme Court has overturned the conviction of Senator Peter Nwaoboshi (Delta North) and his seven-year prison sentence for charges of fraud and money laundering. The court has ordered his immediate release from Ikoyi prisons in Lagos, where he is currently held. The Supreme Court also acquitted the two companies, Golden Touch Construction Project Ltd and Suiming Electrical Ltd, who were tried alongside Senator Nwaoboshi on a two-count charge brought by the Economic and Financial Crimes Commission (EFCC).
In a split decision of four-to-one, the Supreme Court set aside the July 1, 2022 judgment of the Court of Appeal, Lagos, which had reversed their discharge and acquittal by a Federal High Court in Lagos. Justice Emmanuel Agim delivered the lead judgment, stating that Nwaoboshi and the two companies were unfairly and maliciously prosecuted by the EFCC for crimes that do not exist under the law. The court criticized the EFCC for subjecting them to unnecessary criminal trial concerning a civil transaction.
The allegations against Nwaoboshi and his companies involved the illegal acquisition of a property known as Guinea House on Marine Road, Apapa, Lagos, allegedly belonging to the Delta State Government, for N805 million. The EFCC claimed that Suiming Electrical Ltd. transferred part of the payment for the property on behalf of Nwaoboshi and Golden Touch Construction Project Ltd, and alleged that the funds were proceeds of their illicit activities.