The Economic and Financial Crimes Commission (EFCC) has arraigned a former Group Executive Director of Harmony Investments and Property Development Company Limited, Adebayo Sanni, before the Federal High Court sitting in Ilorin, Kwara State, over an alleged N32.1 million money laundering offence.
Sanni was brought before Justice Abimbola Awogboro on Monday, July 20, 2026, on a seven-count charge filed by the anti-graft agency.
The charges reportedly relate to alleged financial transactions involving proceeds suspected by the EFCC to have been derived from unlawful activities. The offences are said to contravene provisions of the Money Laundering (Prohibition) (Amendment) Act, 2012.
According to the prosecution, the allegations stem partly from events dating back to 2018, when Sanni was serving as the Group Executive Director of Harmony Investments and Property Development Company Limited.
The EFCC alleged that Sanni processed an allocation letter for a property in favour of one Nasiru Mahmoud and subsequently directed that the property, located in the Galadimawa area of Abuja, be sold.
The commission further alleged that proceeds from the transaction were not remitted to the company but were instead routed back to Sanni through friends and family members, with part of the money allegedly delivered to him in cash.
The anti-graft agency also claimed that the property allocation was not carried out in accordance with due process and that the proceeds from its eventual sale were diverted for personal use rather than being properly accounted for by the company.
One of the charges reportedly involved an alleged N19.9 million transaction said to have passed through a bank account belonging to another individual in March 2019. The EFCC alleged that the transaction was carried out with the intention of disguising the illicit origin of the funds.
Sanni pleaded not guilty to all seven counts when they were read to him in court.
Following his plea, the prosecution urged the court to set a date for the commencement of trial and sought an order for the defendant to be remanded in custody pending trial. Defence counsel, however, requested that the court grant Sanni bail.
The court is expected to determine the next steps in the case in accordance with applicable legal procedures.
The arraignment forms part of the EFCC’s ongoing efforts to investigate and prosecute suspected cases of financial crimes and money laundering.
It is important to note that the allegations against Sanni remain unproven unless and until established by the court. His plea of not guilty means he is entitled to the presumption of innocence under Nigerian law.
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