The Economic and Financial Crimes Commission, Port Harcourt Zonal Command, on Monday, arraigned Azubuike Obasi, before Justice P. I. Ajoku of the Federal High Court for currency racketeering.
This was contained in a statement shared on the EFCC’s Facebook page on Monday
According to the statement, the suspect is facing trial on a four-count charge, bordering on illegal acquisition of bank notes and carrying out banking services without an appropriate licence, contrary to Section 18 (1) and (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18 (3) of the same Act.
One of the count charge read, “That you, Azubuike Manwu Obasi, on or about the 15th day of February 2024, at Port Harcourt, within the jurisdiction of this Honourable Court, acquired and retained the cumulative sum of N554,600.00 which you knew or reasonably ought to have known, forms part of your unlawful acts, selling or trading in Naira notes and carrying on banking business in Nigeria without a valid licence, and thereby committed an offence contrary to Section 18 (1) and (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18 (3) of the same Act.”
Obasi pleaded guilty to all the charges when they were read to him, upon which prosecuting counsel, E. K. Bakam, prayed the court for a witness for a review of the facts of the cases.
Justice Ajoku ordered that the defendant be remanded in EFCC custody and adjourned the matter till March 14, 2024.
