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Man lands in jail for selling N40k new naira notes at N60k in Enugu

A Federal High Court in Enugu has convicted and sentenced one Onuigbo Chibuzor to jail over currency racketeering.

Chibuzor was convicted and sentenced to three months imprisonment with an option of a fine of N200,000 after pleading guilty to the charge.

The EFCC made this known in a post via X on Tuesday, June 18.

The post reads: “The Enugu Zonal Directorate of the Economic and Financial Crimes Commission, EFCC has secured the conviction and sentence of one Onuigbo Chibuzor before Justice Mohammed Garba Umar of the Federal High Court sitting in Enugu on a one-count charge bordering on currency racketeering.

“The lone count charge reads: ‘That you, Onuigbo Chibuzor on the 8th of June, 2024 at Enugu, Enugu State, within the jurisdiction of the Federal High Court of Nigeria, hawked the total sum of Forty Thousand Naira (N40, 000. 00) mints in Two Hundred Naira (200) 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 to the charge. In view of his plea, EFCC Counsel, Ajobiewe Rotimi Enitan, reviewed the facts of the case and tendered the confessional statements of the defendant and the said sum which were admitted in evidence.

“In a plea of allocutus, defence counsel, I. Davidson prayed the court to temper justice with mercy, adding that ‘he is a first-time offender and he is a family man with three kids’.

“Delivering judgment, Justice Umar convicted and sentenced Chibuzor to three months imprisonment with an option of a fine of N200,000.00 (Two Hundred thousand naira). The court further ordered that the N40,000 be returned to the Treasury Single Account of the Federal Government.

“Chibuzor’s journey to the Correctional Centre began when was arrested around Otigba, in New Heaven, Enugu State for selling N40,000.00 new Naira notes for N60,000.00.”

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