The conviction and sentence of Peter Nwaoboshi to seven years in prison for fraud and money laundering were overturned by the Supreme Court on Friday.
The Court of Appeal in Lagos had previously found the former senator guilty on two charges brought by the Economic and Financial Crimes Commission.
The apex court, in its judgment delivered by Justice Emmanuel Agim, ordered Nwaoboshi’s immediate release from Ikoyi prison in Lagos, where he is currently incarcerated.
The court stated that Nwaoboshi and his two companies, Golden Touch Construction Project Ltd and Suiming Electrical Limited, were unfairly prosecuted by the EFCC.
Additionally, the court emphasized that Nwaoboshi had been needlessly subjected to a criminal trial for matters that should have been addressed civilly.
The Supreme Court overturned the judgment of the Court of Appeal in Lagos on July 1, 2022, which had invalidated the discharge and acquittal of Peter Nwaoboshi by a Federal High Court in Lagos.
The Economic and Financial Crimes Commission (EFCC) had alleged that Nwaoboshi and his companies unlawfully obtained a property known as Guinea House in Apapa, Lagos, for the sum of N805 million.
The property was claimed to belong to the Delta State Government. The EFCC contended that Suiming Electrical Ltd, on behalf of Nwaoboshi and Golden Touch Construction Project Ltd, transferred a portion of the payment for the property, suggesting that the funds were proceeds of illegal activities.
