By Sabiu Abdullahi
Azubuike Mamwu Obasi finds himself in the legal crosshairs as the Economic and Financial Crimes Commission (EFCC) brings him before Justice P. I. Ajoku of the Federal High Court in Port Harcourt, Rivers State, for currency racketeering charges.
The Port Harcourt Zonal Command of the EFCC made a significant move on Monday, March 11, 2024, by arraigning Azubuike Mamwu Obasi on charges of currency racketeering.
Obasi, facing a four-count charge, is accused of engaging in illegal acquisition of banknotes and conducting banking services without the appropriate license, contravening Section 18 (1) and (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022, punishable under Section 18 (3) of the same Act.
One of the charges levelled against Obasi pertains to his alleged acquisition and retention of N554,600.00 (Five Hundred and Fifty-four Thousand, Six Hundred Naira) in currency notes, constituting unlawful acts of selling or trading in Naira notes and carrying out banking business without a valid licence.
Upon the reading of the charges, Obasi pleaded “guilty,” prompting the prosecuting counsel, E. K. Bakam, to request a witness for a review of the case’s facts.
Led in evidence by the prosecution counsel, Adagwu Joshua, the witness recounted the circumstances leading to Obasi’s arrest in February 2024 at the Maddox Night Club in Port Harcourt.
Joshua detailed Obasi’s alleged activities of selling Naira notes for commercial gains without the necessary license, including a specific transaction where Obasi purportedly sold N20,000.00 worth of new banknotes to one Emeka Daniel for N35,000.00, comprising 100 pieces of N200 notes.
Furthermore, the witness highlighted Obasi’s involvement in acquiring and retaining various sums of money from similar unlawful activities.
In response to the case, Justice Ajoku ordered the remand of the defendant in EFCC custody and adjourned the matter till March 14, 2024, signalling the commencement of legal proceedings against Obasi for his alleged involvement in currency racketeering.
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