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Man, Onuigbo Chibuzor Jailed For Currency Racketeering In Enugu
The Economic and Financial Crimes Commission (EFCC) in Enugu has successfully prosecuted and sentenced Onuigbo Chibuzor for currency racketeering, following his guilty plea before Justice Mohammed Garba Umar of the Federal High Court.Chibuzor, who was apprehended in Otigba, New Haven, Enugu State, admitted to selling N40,000 in new Naira notes for N60,000, a violation under the Central Bank of Nigeria Act.During the proceedings on Tuesday, the EFCC presented evidence including the defendant's confession and the seized amount. Ajobiewe Rotimi Enitan, counsel for the EFCC, detailed the case against Chibuzor, which resulted in his conviction.In defense, Chibuzor’s counsel, I. Davidson, appealed for leniency citing his client’s status as a first-time offender and a family man with three children.Justice Umar, in delivering the judgment, sentenced Chibuzor to three months' imprisonment or an option to pay a fine of N200,000. Additionally, the court ordered that the N40,000 confiscated from Chibuzor be remitted to the Federal Government's Treasury Single Account.The conviction marks another milestone for the EFCC in its efforts to curb financial crimes and uphold the integrity of Nigeria's currency system.
The Economic and Financial Crimes Commission (EFCC) in Enugu has successfully prosecuted and sentenced Onuigbo Chibuzor for currency racketeering, following his guilty plea before Justice Mohammed Garba Umar of the Federal High Court.
Chibuzor, who was apprehended in Otigba, New Haven, Enugu State, admitted to selling N40,000 in new Naira notes for N60,000, a violation under the Central Bank of Nigeria Act.
During the proceedings on Tuesday, the EFCC presented evidence including the defendant's confession and the seized amount. Ajobiewe Rotimi Enitan, counsel for the EFCC, detailed the case against Chibuzor, which resulted in his conviction.
In defense, Chibuzor’s counsel, I. Davidson, appealed for leniency citing his client’s status as a first-time offender and a family man with three children.
Justice Umar, in delivering the judgment, sentenced Chibuzor to three months' imprisonment or an option to pay a fine of N200,000. Additionally, the court ordered that the N40,000 confiscated from Chibuzor be remitted to the Federal Government's Treasury Single Account.
The conviction marks another milestone for the EFCC in its efforts to curb financial crimes and uphold the integrity of Nigeria's currency system.
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