Justice Mohammed Garba Umar of the Federal High Court, sitting in Enugu State has convicted and sentenced one Nwachukwu Ifeanyi to six months imprisonment for currency racketeering.
Nwachukwu was arrested on February 9, 2024, by members of the Special Task Force of the Economic and Financial Crimes Commission, EFCC, following credible intelligence that linked him with currency racketeering, Dele Oyewale, Head, Media & Publicity, EFCC said in a statement.
EFCC said subsequent investigations revealed that he used his shop, located at 98 Douglas Road, Owerri, Imo State to hawk new naira notes.
He was subsequently prosecuted on an amended one-count charge, bordering on currency racketeering to the tune of N500,000. 00 (Five Hundred Thousand Naira).
The charge reads: "That you, Nwachukwu Ifeanyi, sometime in February 2024, at Douglas Road, Owerri, Imo State, within the jurisdiction of the Federal High Court of Nigeria, hawked the total sum of Five Hundred Thousand Naira (N500,000. 00) mints in Five Hundred Naira (N500) denominations, issued by the Central Bank of Nigeria and thereby committed an offence contrary to Section 21 (4) of the Central Bank of Nigeria Act, 2007 and punishable under Section 21 (1) of the same Act."
He pleaded "guilty" when the charge was read to him, following which prosecution counsel, Blessing Obasi called on Isaac Adole Enemona, an EFCC operative to review the facts of the case.
Enemona informed the court that the convict was arrested at No. 98 Douglas Road, Owerri, Imo State on February 9, 2024, while selling N500 (Five Hundred Naira) denominations, totalling N500,000 (Five Hundred Thousand).
The witness identified the exhibit money, Exhibit Registration Form, documents printed from the convict’s phone, the Certification of Identification and the statements the convict voluntarily tendered on February 9, 10, 14 and 15, 2024, which were all admitted in evidence.
The prosecution thereafter, asked the court to convict and sentence him accordingly, while the defence counsel, Alex Williams prayed the court to temper justice with mercy, stating that “he is a first-time offender who has chosen not to waste the time of the court.”
Satisfied that the prosecution has proved its case beyond a reasonable doubt, Justice Umar convicted and sentenced him to six months imprisonment or to pay a N1 million fine.
In addition to his sentence, he forfeited N500,000 (Five Hundred Thousand) exhibit money, recovered from him upon arrest to the federal government.
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