EFCC Cracks Down on Currency Racketeering: Two Bankers Arraigned in Enugu

EFCC Cracks Down on Currency Racketeering: Two Bankers Arraigned in Enugu

In a significant move to combat financial crimes, the Economic and Financial Crimes Commission (EFCC) has arraigned two bankers, Ekpe Anayaoha Okoronkwo and Umeonuoha Onyinye, for allegedly selling newly minted Naira notes worth N500,000.

The duo, staff of a new generation bank, were arraigned on Thursday, December 12, 2024, before Justice Mohammed Garba Umar of the Federal High Court sitting in Independence Layout, Enugu State. They faced a one-count charge bordering on currency racketeering, according to Dele Oyewale, Head of Media and Publicity .

The charge reads: "That you, Ekpe Anayaoha Okoronkwo and Umeonuoha Onyinye, sometime in October 2024 at Enugu, Enugu state, within the jurisdiction of the Federal High Court of Nigeria, did sell a total sum of Five Hundred Thousand Naira (N500, 000. 00) mints in Two Hundred Naira Notes (N200) denominations, issued by the Central Bank of Nigeria to one Husseini Ibrahim 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."

Okoronkwo pleaded guilty to the charge, while Onyinye pleaded not guilty. The court adjourned the matter to January 15, 2025, for the hearing of Onyinye's bail application and the conviction and sentencing of Okoronkwo. Both defendants were remanded at the Enugu State Correctional facility.

The EFCC's action is a testament to its commitment to combating financial crimes and protecting the integrity of Nigeria's financial system. The commission's efforts have led to the prosecution and conviction of several high-profile individuals and organizations involved in financial malfeasance .

The EFCC was established in 2003 to investigate financial crimes, including advance fee fraud and money laundering. The commission has its head office in Abuja, Nigeria, and has been instrumental in combating corruption and financial crimes in the country .