Abuja-based Business Man Arraigned Over N38m Money Laundering Case

An Abuja-based Business Man, Mr. Ijoma Oji Uduma has been arraigned by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on a two-count charge before Justice M. A. Olajuwon of the Federal High Court, Abuja, for making cash payment over the legal limit of Five Million Naira (N5,000,000) under the Money Laundering Act.

The Defendant was indicted in an alleged Thirty-Eight Million Naira (N38,000,000) Money Laundering Case for making, amongst other offences, cash payment of Ten Million Naira (N10,000,000) in three tranches totaling Thirty Million Naira (N30,000,000), exceeding the amount authorized under Section 2(1)(a) of the Money Laundering (Prevention and Prohibition) Act in February of 2012.

The alleged offence attracts a penalty of a fine of Ten Million Naira (N10,000,000) or imprisonment for a term of at least three years or both.

The Defendant pleaded not guilty to the charge, and his Counsel applied for his release on bail in the most liberal terms.

Bail was granted on a bond of Two Million Naira (N2,000,000) by a responsible surety who is to prove close relationship with the Defendant, be in employment of a reputable company, not self-employed and not a civil servant.

The surety is to provide his address (occupational and residential) to the court, submit evidence of tax payment in the last three years, two of his recent passport photographs, and that of the Defendant.

The Defendant is to be remanded in Kuje correctional facility pending the perfection of his bail.

The case has been adjourned to October 22, 2024, for commencement of trial.