By Kalada Jumbo, National Correspondent
PORT HARCOURT, Rivers — In a significant victory for the fight against financial crimes, the Economic and Financial Crimes Commission (EFCC) has secured a conviction and subsequent sentencing of Azubuike Mamwu Obasi by Justice P. I. Ajoku of the Federal High Court in Port Harcourt, Rivers State. Obasi faced charges related to currency racketeering, ultimately resulting in his incarceration.
Azubuike Mamwu Obasi was found guilty of a series of offences, including the illegal acquisition of banknotes and conducting banking services without the appropriate license. When EFCC agents arrested him for carrying a total of N554,600.00, which was thought to be a part of his illegal currency trading operations, his illicit activities were exposed.
Owing to the Money Laundering (Prevention and Prohibition) Act of 2022, Obasi was charged with four counts, and throughout the court procedures, he entered a guilty plea. E. K. Bakam, the prosecutor, pleaded with the judge to impose a suitable sentence, stressing the gravity of the acts committed.
Despite pleas for leniency from defence counsel B. E. Onuoha, citing Obasi’s status as a first-time offender with no prior criminal record, Justice Ajoku handed down a sentence of six months’ imprisonment. Obasi was also offered the chance to settle his debt by depositing N100,000 (one hundred thousand naira) into the Federal Republic of Nigeria’s Consolidated Revenue Account.
The confiscated funds, which included N554,600 in cash, 20,000 Naira in fresh banknotes, and a Point of Sale (POS) gadget that was found on the convict, were also ordered to be forfeited by the court. Furthermore, thirty-five thousand Naira that a covert EFCC agent had transferred into the prisoner’s Access bank account was refunded to the operative after being forfeited.
The arrest of Obasi and his subsequent conviction represent a critical turning point in the EFCC’s fight against financial crimes in Nigeria. His case demonstrates the Commission’s dedication to making those who engage in illegal activity answerable for their deeds.
It is a sobering reminder that Obasi is starting his sentence in the Correctional Service and that the EFCC will keep up its relentless efforts to protect the integrity of Nigeria’s financial system.
