The Economic and Financial Crimes Commission (EFCC) has successfully convicted Onuigbo Chibuzor for currency racketeering in Enugu State.
In a statement issued by the EFCC on June 17, it was revealed that Chibuzor was arraigned before Justice Mohammed Umar at the Federal High Court in Enugu on a single charge of unlawfully hawking new naira notes issued by the Central Bank of Nigeria (CBN).
The charge against him stated, “On the 8th of June, 2024, in Enugu, Enugu State, you hawked a total of N40,000 in N200 denominations, issued by the CBN, in violation of Section 21 (4) of the Central Bank of Nigeria Act, 2007.”
Chibuzor pleaded guilty to the charge.
The EFCC prosecutor, Ajobiewe Enitan, presented the case, introducing Chibuzor’s confessional statements and the N40,000 in new notes as evidence. These were accepted by the court.
During sentencing, Chibuzor’s defense attorney, I. Davidson, urged the court to show mercy, highlighting that Chibuzor was a first-time offender and a family man with three children.
However, Justice Umar convicted Chibuzor and sentenced him to three months in prison, offering an alternative fine of N200,000.
Additionally, the court ordered the N40,000 in new naira notes to be returned to the Federal Government’s Treasury Single Account.