Man Docked For Currency Racketeering At Night Club Without Licence

P.M.EXPRESS reports that the incident happened at Maddox Night Club, Port Harcourt.

The suspect, Obasi, was caught selling Naira notes and rendering Banking services. He was then arrested and charged before the Court by the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission, EFCC, before Justice P. I. Ajoku of the Federal High Court, Port Harcourt, River State for currency racketeering.

The defendant, Obasi is facing trial on a four-count charge, bordering on illegal acquisition of bank notes and carrying out banking services without an appropriate licence, contrary to Section 18 (1) and (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18 (3) of the same Act.

Part of the charges read: “That you, Azubuike Manwu Obasi, on or about the 15th day of February, 2024, at Port Harcourt, within the jurisdiction of this Honourable Court, acquired and retained the cumulative sum of N554,600.00 (Five Hundred and Fifty-four Thousand, Six Hundred Naira), which you knew or reasonably ought to have known, forms part of your unlawful acts, selling or trading in Naira notes and carrying on banking business in Nigeria without a valid licence, and thereby committed an offence contrary to Section 18 (1) and (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18 (3) of the same Act.”

He pleaded guilty to all the charges when they were read to him.

The prosecuting counsel, E. K. Bakam, then asked the Court for a witness for a review of the facts of the case.

 Led in evidence by prosecution counsel, the witness, Adagwu Joshua, told the Court that the defendant was arrested sometime in February, 2024 at Maddox Night Club in Port Harcourt by the operatives of the Commission for selling Naira notes for commercial gains without an appropriate licence.

The witness further revealed that the defendant sold the sum of N20,000.00 (Twenty Thousand Naira) of the new bank notes to one Emeka Daniel comprising 100 pieces of  N200 notes (Two Hundred Naira) at the cost of N35,000.00 (Thirty Five Thousand Naira), paid into his Access Bank account. The defendant, he said, was also found to have acquired and retained various sums of money from the same unlawful activity.

 Justice Ajoku ordered that the defendant be remanded in EFCC custody and adjourned the matter till 14th March, 2024, for further hearing.