Enugu, June 18, 2024 — A Federal High Court in Enugu has sentenced Chibuzor Onuigbo to three months imprisonment for currency racketeering. The convict was charged with selling N40,000 new Naira notes for N60,000, an offense under the Central Bank of Nigeria (CBN) Act.

Mr. Onuigbo pleaded guilty to the charge, and the court admitted his confessional statements and the seized N40,000 as evidence. In a plea for leniency, his counsel highlighted that he is a first-time offender and a family man with three children.

Justice Umar delivered the verdict, offering Mr. Onuigbo the option of a fine of N200,000 in lieu of imprisonment. Additionally, the court ordered the return of the N40,000 to the federal government’s Treasury Single Account.

This case underscores the importance of vigiliance against currency-related crimes and it serve as a reminder  that the law applies equally to all citizens. Let us continue to uphold the integrity of our financial system and promote transparency in our transactions.