The Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC) on Monday brought charges against one Azubuike Mamwu Obasi for selling Naira illegally in Port Harcourt.
The EFCC presented Mr Obasi before Justice P. I. Ajoku of the Federal High Court in Port Harcourt, Rivers State.
He has since then being facing four counts of illegally acquiring banknotes and conducting banking services without the proper license.
According to the collected statement, the alleged convict’s actions go against Section 18 (1) and (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18 (3) of the same Act.
Report, reaching us, confirmed that Obasi knowingly retained N554,600.00 (Five Hundred and Fifty-four Thousand, Six Hundred Naira), which he acquired through unlawful activities involving selling or trading in Naira notes and conducting banking business without a valid license.
Such act was however termed a violation of the Money Laundering (Prevention and Prohibition) Act, 2022. To this, Obasi pleaded “guilty” to all charges.
The prosecuting counsel, E. K. Bakam, requested the court present a witness for a review of the case’s facts.
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The witness, Adagwu Joshua, testified that Obasi was apprehended in February 2024 at Maddox Night Club in Port Harcout, while selling Naira notes for profit without the required license.
Furthermore, Joshua stated that Obasi sold N20,000.00 (Twenty Thousand Naira) worth of new banknotes to one Emeka Daniel, comprising 100 pieces of N200 notes (Two Hundred Naira), for N35,000.00 (Thirty-Five Thousand Naira). The money was deposited in Obasi’s Access Bank account.
Additionally, the witness revealed that Obasi had acquired and retained various sums of money through similar unlawful activities.
Justice Ajoku ordered Obasi to be kept in EFCC custody and adjourned the case until March 14, 2024.
