According to The Nation, the court made a ruling on Friday, July 7, overturning the seven-year prison sentence imposed on the senator for fraud and money laundering charges.
Justice Emmanuel Agim, delivering the verdict, ordered the immediate release of the senator from Ikoyi prison in Lagos, where he is currently held. The Supreme Court also acquitted the two companies, Golden Touch Construction Project Ltd and Suiming Electrical Ltd, which were charged alongside the senator 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 overturned their previous acquittal by a Federal High Court in Lagos. Justice Emmanuel Agim, in the lead judgment, stated that Nwaoboshi and the two companies were wrongly and maliciously prosecuted by the EFCC for offenses that were not recognized by the law. The court held that they were subjected to an unnecessary criminal trial in relation to a civil transaction.
The EFCC had alleged that Nwaoboshi and his companies unlawfully acquired a property known as Guinea House on Marine Road, Apapa, Lagos, for N805 million, a property claimed to belong to the Delta State Government. The EFCC further alleged that part of the money used for the property was transferred by Suiming Electrical Ltd on behalf of Nwaoboshi and Golden Touch Construction Project Ltd, with the funds believed to be proceeds of illicit activities.
