The Port Harcourt Zonal Command of the Economic and Financial Crimes Commission, EFCC,has secured the conviction and sentencing of Azubuike Mamwu Obasi before a Federal High Court sitting in Port Harcourt, Rivers State presided over by Justice P. I. Ajoku for currency racketeering.
Obasi’s sentence was sequel to a four-count charge bordering on illegal acquisition of bank notes and carrying out banking services without an appropriate licence.
The convict acquired and retained the cumulative sum of N554,600, which he used in carrying out banking services without a valid licence, 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’s journey to the Correctional Centre started when he was arrested for currency racketeering by operatives of the EFCC and was later charged to court and convicted.
The defendant pleaded guilty to the charges preferred against him by the EFCC when they were read to him in court.
Justice P. I. Ajoku found him guilty as charged and sentenced him to six months in the Correctional Service on count one to four with an option of fine to the tune of N100,000, payable into the Consolidated Revenue Account of the Federal Republic of Nigeria.
A statement by Dele Oyewale, Head, Media & Publicity, EFCC on Sunday, disclosed that the sentence of the convict would run concurrently with effect from the date of arrest.
The court also gave an order forfeiting to the Federal Government of Nigeria the sum of N554,600, N20,0000 new bank notes and the POS device recovered from the convict.
Besides,the sum of N35,000 paid into the Access bank account of the convict by an EFCC covert operative was forfeited and returned to him. The court also ordered the convict to also depose an affidavit of good behavior.
One of the charges reads, “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.”
In view of the plea of the defendant, the prosecuting counsel, E. K. Bakam prayed the court to convict and sentence him accordingly, while the Defence counsel, B. E. Onuoha, who did not oppose the prayers of the prosecution, urged the court to temper justice with mercy, maintaining that the defendant was a first time offender with no previous criminal records.
