An Abuja-based businessman, Ijoma Uduma, has been arraigned by the Independent Corrupt Practices and Other Related Offences Commission on two counts bordering on money laundering before Justice M. A. Olajuwon of the Federal High Court, Abuja.
Uduma was accused of making cash payment over the legal limit of N5m under the Money Laundering Act.
The defendant allegedly made cash payment of N10m in three tranches totalling N30m, exceeding the amount authorized under Section 2(1)(a) of the Money Laundering (Prevention and Prohibition) Act in February 2012.
The alleged offence attracts penalty of a fine of N10m or imprisonment for a term of at least three years or both.
The defendant, pleaded not guilty to the charge and his counsel applied for his release on bail in the most liberal terms.
Bail was granted on a bond of N2m by a responsible surety who is to prove close relationship with the defendant, be in employment of a reputable company, not self-employed and not a civil servant.
A statement by the ICPC added, “The surety is to provide his address (occupational and residential) to the court, submit evidence of tax payment in the last three years, two of his recent passport photographs and that of the defendant.
“The defendant is to be remanded in Kuje correctional facility pending the perfection of his bail.”
The case was adjourned to October 22, 2024, for commencement of trial.
