24th March, 2024
By Ayorinde Oluokun/Abuja
A Port Harcourt man, Azubuike Mamwu Obasi has been sentenced to six months imprisonment after he pleaded guilty to a four-count charge bordering on illegal acquisition of banknotes and carrying out banking services without an appropriate licence.
Obasi’s journey to the Correctional Centre began when he was arrested for currency racketeering by operatives of the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission, EFCC.
Obasi was arrested on 15 February, 2024, at Port Harcourt with the sum of N554,600.00 which he was hawking..
EFCC accused him of selling or trading in Naira notes and carrying on banking business in Nigeria without a valid 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.”
He was subsequently arraigned before Justice P. I. Ajoku of the Federal High Court sitting in Port Harcourt, Rivers State on a four-count charge bordering on illegal acquisition of bank notes and carrying out banking services without an appropriate licence by the EFCC, on Thursday, March 21, 2024
He pleaded guilty to the charges when they were read to him.
In view of the plea of the defendant, prosecuting counsel, E. K. Bakam prayed the court to convict and sentence him accordingly.
Defence counsel, B. E. Onuoha, did not oppose the prayers of the prosecution but urged the court to temper justice with mercy maintaining that the defendant is a first time offender with no previous criminal records.
Justice Ajoku thereafter found the defendant guilty as charged, sentenced him to six months in the Correctional Service on count one to four with N100,000( One Hundred Thousand Naira only) as an option of fine payable into the Consolidated Revenue Account of the Federal Republic of Nigeria.
Sentence is to run concurrently with effect from the date of arrest.
The court also made an order forfeiting to the Federal Government of Nigeria the sum of N554,600, and N20,000 new bank notes and the POS device recovered from the convict.
Additionally, 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 Obasi convict to depose an affidavit of good behavior.