The Federal Government of Nigeria through the Economic and Financial Crimes Commission, EFCC have continued to intensify their war against currency rackers in the country.
As part of efforts to stabilize the economy by eliminating currency racketeering from the country, the Federal Government through its agencies have been arresting, prosecuting and securing convictions from courts against culprits across the country.
The Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Wednesday, March 20, 2024, secured the conviction and sentencing of one Yusuf Isiaka, before Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos.
Isiaka was arraigned on one-count charge bordering on Naira racketeering under Section 21(4) of the CBN Act.
The charge read “That you, Yusuf Isiaka on the 17th of February 2024, in Lagos within the jurisdiction of this Honorable Court engaged in hawking the total sum of N100,000 (One Hundred Thousand naira) in N500 naira note denomination, ‘serial number: B/49 934847 to B/49 934849, B/49 934628 B/49 934629’ issued by the Central Bank of Nigeria and thereby committed an offence contrary to Section 21 (4) and punishable under Section 21 (1) of the Central Bank of Nigeria (Establishment) Act, 2007.”
Isiaka pleaded “guilty” to the charge when it was read to him and the prosecuting counsel, A.S. Wara, applied to review the facts of the case through the investigating officer, Wodi Abdulhamid.
He told the court that the Isiaka was arrested on February 17, 2024 in response to intelligence received by the Commission on the activities of some persons involved in the mutilation of the Naira notes in the Lagos Island area of Lagos.
He testified further that a total sum of N100,000.00 was recovered from him. “In his statements under words of caution, he confessed to the selling of Naira notes,” he said.
Defence counsel, Kolapo Gbadamosi, prayed the court for leniency. He appealed to the court to give the defendant the money, so he could return to the rightful owner. “He is also a first-time offender and he has expressed sincere remorse over his actions,” he said.
Justice Faji sentenced him to four months imprisonment and a fine of N20,000. The judge also held that the N100,000 and the POS machine were instruments of the crime, and so ordered that they be forfeited to the Federal Government.
The Port Harcourt Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Thursday, March 21, 2024 secured the conviction and sentencing of Azubuike Mamwu Obasi before Justice P. I. Ajoku of the Federal High Court sitting in Port Harcourt, Rivers State for currency racketeering.
Obasi was jailed after pleading guilty to a four-count charge bordering on illegal acquisition of bank notes and carrying out banking services without an appropriate licence.
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 (Five Hundred and Fifty-four Thousand, Six Hundred Naira) 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.”
He pleaded guilty to the charges when they were read to him and the prosecuting counsel, E. K. Bakam prayed the court to convict and sentence him accordingly.
The 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 Five Hundred and Fifty Four Thousand, Six Hundred Naira (N554,600), Twenty Thousand Naira new bank notes and the POS device recovered from the convict.
Additionally, the sum of Thirty Five Thousand Naira paid into the Access bank account of the convict by an EFCC covert operative was forfeited and returned to him. The convict should also depose an affidavit of good behavior.
Justices J. Aikawa and Hawa’u Buhari of the Federal High Court sitting in Kaduna, convicted and sentenced three currency racketeers to different jail terms.
The convicts are, Adamu Seidu Abdul, Musa Gideon and Justice Musa.
They were jailed on Tuesday and Wednesday, March 19 and 20, 2024, after pleading guilty to one-count charge bordering on currency racketeering, following their arraignment by the Kaduna Zonal Command of the Economic and Financial Crimes Commission, EFCC.
The one-count charge against Justice reads “that you, Justice Musa, sometime in February, 2024 in Kaduna within the Judicial Divison of this Honourable Court,did commit an act to wit: engaged yourself in selling Naira Notes and you thereby committed an offence contrary to Section 21(4) and punishable under Section 21(1) of the Central Bank of Nigeria Act, 2007”.
They pleaded guilty to the one-count separate charges when they were read to them. Based on their pleas, prosecution counsel, M.E Eimonye and M.U Gadaka urged the court to convict and sentence them accordingly.
Thereafter, Justice Aikawa convicted and sentenced Abdul and Gideon to six months imprisonment while Musa was also convicted and sentenced to six months imprisonment by Justice Buhari.
