The Supreme Court on Friday overturned the conviction and sentence of Peter Nwaoboshi to seven years imprisonment for offences of fraud and money laundering.
The former senator representing Delta North was convicted by the Court of Appeal in Lagos on a two-count charge of fraud and money laundering in a suit filed by the Economic and Financial Crimes Commission.
Delivering Judgement, the apex court ordered his immediate release from the Ikoyi prison in Lagos, where he is currently being held.
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 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.
