EFCC Arraigns Man For Currency Racketeering In Port Harcourt

Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC) has arraigned one Azubuike Mamwu Obasi before Justice P. I. Ajoku at the Federal High Court, Port Harcourt, Rivers State, for currency racketeering.

Naija News reports that Obasi is accused on several fronts, with a four-count charge that spotlights his alleged involvement in unauthorized dealings with banknotes and operating unlicensed banking activities.

These allegations align with the infringements outlined in the Money Laundering (Prevention and Prohibition) Act, 2022, indicating a serious breach of financial regulations.

Central to the case is the accusation against Obasi for retaining N554,600.00, believed to be proceeds from his illegal currency transactions and banking operations without a license. This particular activity violates Section 18 (1) and (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022, with consequences as severe as outlined in Section 18 (3) of the same statute.

Upon the reading of the charges, Obasi entered a “guilty” plea, prompting the prosecution, represented by E. K. Bakam, to request a factual review of the case.

This led to the testimony of Adagwu Joshua, who provided a detailed account of Obasi’s arrest in February 2024 at Maddox Night Club, Port Harcourt. Joshua described how Obasi engaged in selling Naira notes for a profit, notably selling N20,000.00 in new banknotes for N35,000.00, a transaction facilitated through an Access Bank account. This account highlighted the defendant’s broader involvement in acquiring funds through unauthorized financial activities.

The presiding judge, Justice Ajoku, ordered that Obasi be remanded in EFCC custody and that the case be adjourned until March 14, 2024.