Olisa Metuh, a former National Publicity Secretary of the Peoples Democratic Party (PDP) has been sentenced to 7-year imprisonment.
Mr Metuh and his firm were tried by the Economic and Financial Crimes Commission (EFCC) on charges of money laundering to the tune of N400million.
He was convicted by Justice Okon Abang of a Federal High Court sitting in Abuja on Tuesdays.
Justice Abang held that the prosecution successfully proved that the transaction violated the anti-money laundering law which pegs the maximum cash transaction an individual undertake outside a financial institution at N5m.
The judge proceeded to sentence Metuh to seven-year imprisonment on counts 1, 2, 4 and 7; five-year imprisonment on count 3; and three-year in respect of counts 5 and 6.
Justice Abang directed that the sentences shall run concurrently, meaning that he would only spend the highest number of years of jail term, which is seven, in prison.
The judge also ordered the winding up of Dextra Investment and ordered Metuh to pay a fine of N375m to the Federal Government.
He equally ordered Dextra Investments to pay N25m to the Federal Government. Hesaid the accounts of Dextra in Diamond Bank and Asset Resource Management to be closed and their proceeds forfeited to the Federal Government.