Interest money

Judgment of the political court, says Nwaoboshi

The Chairman of the Senate Committee on Niger Delta Affairs and MP representing Delta North, Senator Peter Nwaoboshi reiterated his decision to challenge the decision of the Court of Appeal which sentenced him to prison before the Supreme Court.

The Lagos Court of Appeal on Friday convicted and sentenced the senator to seven years in prison.

The court also ordered the liquidation of the senator’s two companies, Golden Touch Construction Project Ltd and Suiming Electrical Ltd, in accordance with the provisions of Section 22 of the Prohibition of Money Laundering Act 2021.

The senator’s media unit, however, issued a statement that said the judgment would be challenged in the Supreme Court in the near future.

A source close to the senator, however, confided Sunday punch that there was no money laundering problem anywhere, but rather that the court’s judgment had the political support of some of the senator’s competitors.

The source said Nwaoboshi had no connection to money laundering, adding that he only borrowed money from Nexim Bank to do business and returned the money in the period amply agreed between him and the bank.

The source said: “A company he had an interest in took out an N1.2b loan from Nexim Bank which he repaid. He paid N1.8b including interest to the bank. Nexim Bank came to court and testified that ‘see, he is our best client. He fulfilled all the obligations”.

“Now what they’re arguing is that once you have a loan and you meet all your obligations, does that now mean that the company involved and the directors can’t diversify and invest in assets?

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