The Economic and Financial Crimes Commission (EFCC) has successfully prosecuted Onuigbo Chibuzor for currency racketeering in Enugu State.
In a statement released on Monday via X, the EFCC announced that Chibuzor was brought before Justice Mohammed Umar of the Federal High Court in Enugu on a one-count charge of illegally hawking new naira notes issued by the Central Bank of Nigeria (CBN).
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The charge against Chibuzor stated: “Onuigbo Chibuzor, on June 8, 2024, in Enugu, Enugu State, within the jurisdiction of the Federal High Court of Nigeria, hawked the sum of N40,000.00 in new N200 denominations issued by the Central Bank of Nigeria, thereby committing an offence contrary to Section 21 (4) of the Central Bank of Nigeria Act, 2007.”
Chibuzor pleaded guilty to the charge.
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The EFCC prosecutor, Ajobiewe Enitan, presented the facts of the case and submitted the defendant’s confessional statements and the N40,000 in new naira notes as evidence.
Chibuzor’s defense counsel, I. Davidson, pleaded for leniency, highlighting that Chibuzor was a first-time offender and a family man with three children.
Despite the plea for leniency, Justice Umar sentenced Chibuzor to three months imprisonment but offered an alternative of a N200,000 fine.
Additionally, the court ordered that the N40,000 in new notes be returned to the Treasury Single Account of the Federal Government.
Chibuzor’s arrest occurred in the New Haven area of Enugu, where he was caught selling N40,000 in new naira notes for N60,000, leading to his eventual conviction and sentencing.
