Legal Nigeria

Money laundering again: Two arraigned over money laundering of $2.5M & $2.9M

The Economic and Financial Crimes Commission on Thursday arraigned two men – Linus Chibuike and Nnamdi Ojukwu – before a Federal High Court in Lagos over alleged money laundering offences.
Messrs. Chibuike and Ojukwu were arraigned for laundering the sum of 2.5 million dollars and 2.9 million dollars respectively.
The accused, both businessmen, were each arraigned on a one-count charge, to which they pleaded not guilty.
Following an oral application for bail by their counsel, Abubakar Shamsudeen and Chris Nwokedi, respectively, Justice Ibrahim Buba granted them bail in the sum of N50 million each, with one surety each in like sum.
Mr. therefore Buba fixed November 2 for substantive trial of the accused persons.
The News Agency of Nigeria, NAN, reports that the prosecutor, Latona Gbolahan, had told the court that the accused committed the offence on October 8.
He said they were arrested by officers of the Nigeria Customs Service at the Murtala Mohammed International Airport, Lagos.
According to the prosecutor, the accused were apprehended during the outbound clearance of passengers on board a flight to China.
He said the 2.5 million dollars and 2.9 million dollars were recovered from the accused, adding that they failed to declare the money to officers of the NCS as required by law.
The prosecutor alleged that Mr. Chibuike falsely declared the sum of 11,500 dollars as being the only amount in his possession, while Mr. Ojukwu failed to declare the money in his possession.
According to Mr. Nwokedi, the offence contravened provisions of section 2(3) and 2(5) of the Money Laundering Act, 201, as amended by Act No 1 of 2012.