Businessman charged by ICPC for depositing N38 Million, exceeding legal limit of N5 Million

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has arraigned an Abuja-based businessman, Mr. Ijoma Oji Uduma for allegedly making cash payments worth N38 million in contravention of relevant laws. 

This was disclosed via the ICPC X page on Friday. 

The defendant was arraigned before Justice Mobolaji Olajuwon of the Federal High Court, Abuja on a two-count charge bordering on money laundering.

 

ICPC’s Case

The ICPC accused the businessman of making cash payments over the legal limit of five million Naira (N5,000,000) as prescribed by the Money Laundering Act. 

The money laundering law bars a person or business corporation from making or accepting cash payments exceeding N 5 million(person) or N10 million, without going through a financial institution. 

The ICPC legal team maintained that the businessman broke the law and should be sentenced or fined in line with the Money Laundering Act. 

“The Defendant was indicted in an alleged Thirty-Eight Million Naira (N38,000,000) Money Laundering Case for making, amongst other offences, cash payment of Ten Million Naira (N10,000,000) in three tranches totaling Thirty Million Naira (N30,000,000), exceeding the amount authorized under Section 2(1)(a) of the Money Laundering (Prevention and Prohibition) Act in February of 2012.  

“The alleged offence attracts a penalty of a fine of Ten Million Naira (N10,000,000) or imprisonment for a term of at least three years or both,” the ICPC stated. 

What transpired in court

Upon arraignment, the defendant pleaded not guilty to the charge. 

Afterwards, his legal team asked the court to grant its client bail term on liberal terms. 

Ruling on the bail application, the trial judge granted him two million naira (N2,000,000) bail with a surety who must show evidence of working in a reputable company. 

The surety is expected to submit evidence of tax payment in the last three years, among other requirements. 

Meanwhile, the judge remanded him in Kuje correctional facility pending the perfection of his bail. 

The case was then adjourned to October 22, 2024, for commencement of trial. 

More Insights

ICPC is one of the federal government agencies responsible for tracking all forms of financial crime. 

ICPC depends on litigation to prove its allegation. 

It is left for the courts to determine the authenticity of the ICPC evidence as well as that of the defence. 

This is coming after the ICPC had arraigned four staff members of the Rural Electrification Agency (REA), in an alleged electricity project supervision fraud against them, to the tune of over N1 billion.