Damaturu grain merchant docked for N21.5 million fraud

A businessman and Chief Executive Officer, CEO, I.U Lafiya Maize Processing Ventures and I.U Maize Processing Ventures, Ibrahim Lafiya, has been arraigned alongside his companies
on a one- count charge bordering on money laundering to the tune of N21, 500,000 (Twenty One Million, Five Hundred Thousand Naira only).

They were arraigned before Justice Fadimatu Aminu of the Federal High Court sitting in Damaturu, Yobe State by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC.

The lone count reads: “That you, Ibrahim Umar Lafiya, being the C.E.O and Alter Ego of I.U Lafiya Maize Processing Ventures and I.U Maize Processing Ventures, a company registered in Nigeria between November to December, 2023 at Potiskum Yobe State, within the jurisdiction of this Honorable Court, directly converted the aggregate sum of N21,500,000.00 (Twenty One Million Five Hundred Thousand Naira), which you ought to have known formed part of proceeds of an unlawful act to wit: Money Laundering and thereby committed an offence contrary to Section 18 (1) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act 2022.”

The defendant pleaded not guilty when the charge was read to him.

In view of his plea, counsel to the EFCC, Mukhtar Ali Ahmed prayed the court for a trial date. While defence counsel, M.S Baba, informed the court of an application of the defendant, urging the court to grant him bail on liberal terms.

Justice Aminu after listening to the arguments of the two counsels on bail application, admitted the defendant to bail in the sum of N6,000,000 (Six Million Naira) with two sureties in like sum. One of the sureties must be a traditional ruler domiciled in Damaturu.

The judge ordered the defendant to be remanded in EFCC custody pending the fulfilment of his bail conditions and adjourned the matter till June 17, 2025 for trial.