EFCC Secures Conviction of Onuigbo Chibuzor for Currency Racketeering in Enugu State
The Economic and Financial Crimes Commission (EFCC) has successfully secured the conviction and sentencing of Onuigbo Chibuzor for currency racketeering in Enugu State. Chibuzor was arraigned before Justice Mohammed Umar of the Federal High Court in Enugu on a one-count charge of hawking new naira notes issued by the Central Bank of Nigeria (CBN).
Charges and Conviction
According to an EFCC statement on Monday, Chibuzor was charged with the offence of selling new naira notes. The specific charge read:
“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 N40,000.00 mints in N200 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.”
Chibuzor pleaded guilty to the charge.
Court Proceedings
EFCC prosecutor Ajobiewe Enitan presented the facts of the case, submitting the defendant’s confessional statements and the N40,000 recovered as evidence. These exhibits were admitted by the court. In a plea for leniency, Chibuzor’s defence counsel, I. Davidson, highlighted that Chibuzor was a first-time offender and a family man with three children.
Despite the plea, Justice Umar convicted Chibuzor and sentenced him to three months imprisonment, with an option to pay a fine of N200,000. The court also ordered that the N40,000 new notes be returned to the Treasury Single Account of the Federal Government.
Arrest and Background
Chibuzor’s legal troubles began when he was arrested around Otigba in New Heaven, Enugu State. He was caught selling N40,000 worth of new naira notes for N60,000, violating the Central Bank of Nigeria’s regulations.
The EFCC’s actions reflect its commitment to upholding financial laws and curbing illegal currency trading activities.
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