The Economic and Financial Crimes Commission (EFCC) has provided an update on the case involving Okechukwu Pascal, popularly known as Cubana Chief Priest, who faced charges of abuse of Naira notes.
Following the judgment by Justice Kehinde Ogundare of the Federal High Court in Lagos, the EFCC stated that their actions were under Section 14(2) of the EFCC Establishment Act, 2004.
This section of the Act allows the EFCC to compound any offence by accepting a monetary sum exceeding the maximum penalty the offender would have faced if convicted, in line with Section 174 of the 1999 Constitution of the Federal Republic of Nigeria.
”To this end, the N10,000,000 (Ten Million Naira) the court fined Cubana Chief Priest far exceeded the N50,000 (Fifty Thousand Naira) his offence carries.
”This is in response to the application made to the EFCC by counsel to the defendant, Chikaosolu Ojukwu, SAN, seeking the compounding of the offences under Section 14(2) of the EFCC Act.
”Additionally, Cubana Chief Priest would henceforth lead rigorous and intensive sensitization or campaign against abuse of coins and notes issued under the Central Bank of Nigeria, CBN Act.
”The Special Task Force against Naira Abuse and Dollarisation of the economy is still in place.
”The Commission remains undeterred in the pursuit of its lawful mandate and the court’s ruling on Cubana Chief Priest should stimulate enhanced commitment of Nigerians to defend the sanctity of the Naira and refrain from any infraction against the nation’s legal tender,” the EFCC said.
