ICPC arrests businessman for depositing N38m above N5million legal limit

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

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

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ICPC said 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 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.

Nigeria’s 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.

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.