The Supreme Court has upturned the conviction of Senator Peter Nwaoboshi and his sentencing to seven years imprisonment for fraud and money laundering offences.
The apex court ordered his immediate release from Ikoyi prisons in Lagos, where he is currently being held.
In a lead judgment by Justice Emmanuel Agim, the apex court held that Nwaobishi and the two companies were unjustly and maliciously prosecuted by the EFCC for committing no offences known to the law, and subjected them to a criminal trial in relation to a civil transaction, needlessly.
Some of the highlights of the Supreme Court judgment include: that the Loan was duly applied for by the Appellant (Senator Peter Nwaoboshi). 2. The Loan was properly serviced. In that, the Appellant had paid the N1.2bn loan capital. He equally paid the loan’s interest rate to the tune of N700m. 3. Nexim Bank at no time complained that the Appellant defaulted in the agreement reached for the loan facility. 4. Even if the loan had not been completely paid, there was no criminal committed in it that would warrant prosecution. 5. The evidence before the apex court defeat claims of any fraudulent conversion of funds.
6. The arrest, prosecution and subsequent conviction by the Court of Appeal negate the constitution of the Federal Republic Of Nigeria. 7. Once a Loan is given and the money is credited into the account of the individual or company, the money becomes his and can't be accused of fraudulent conversion of his own money. 8. There was no basis ab initio for the prosecution. 9. It is extremely pathetic that the EFCC, with a plethora of senior lawyers, went ahead to prosecute this matter in the midst of serious cases before it when they ought to know better.
10. The entire process at the Appeal Court is malicious. 11. The conviction by the Court of Appeal is shocking. 12. EFCC has no business whatsoever to meddle into civil transactions. 13. EFCC and others are allowing themselves to be used by some unscrupulous element to dabble into civil matters. 14. It is clear that the petitioner had a personal axe to grind with the Appellant.
15. If a person takes a Loan and uses it for whatsoever he or she wants (either to marry a wife or start farming), it is nobody's business. 16. The conviction by the Court of Appeal is hereby set aside as it is null, void, and extremely unreasonable. 17. Appellant is hereby discharged and acquitted and should be released immediately.
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