The Supreme Court has reversed the conviction and sentence of Peter Nwaoboshi to seven years imprisonment for offences of fraud and money laundering.
The ex-senator representing Delta North was found guilty of fraud and money laundering by the Court of Appeal in Lagos.
He was convicted in a suit filed by the Economic and Financial Crimes Commission.
Nwaoboshi is currently being held at the Ikoyi prison in Lagos
The supreme court ordered his immediate release from the prison.
In a lead judgment by Justice Emmanuel Agim, the court held that Nwaoboshi and his two companies – Golden Touch Construction Project Ltd and Suiming Electrical Limited were unjustly prosecuted by the EFCC.
Besides, the court said Nwaoboshi was subjected to a criminal trial with respect to civil transactions, needlessly.
The apex court set aside the July 1, 2022 judgment of the Court of Appeal, Lagos, which had nullified his discharge and acquittal by a Federal High Court in Lagos.
The EFCC had accused Nwaoboshi and his companies of illegally acquiring a property named Guinea House on Marine Road, in Apapa, Lagos, for N805 million.
The property was said to belong to the Delta State Government.
They had claimed that part of the money paid for the property was transferred by Suiming Electrical Ltd on behalf of Nwaoboshi and Golden Touch Construction Project Ltd, adding that the funds are believed to be proceeds of illicit activities.
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