The Economic and Financial Crimes Commission (EFCC) has arraigned two bank employees in Enugu for allegedly engaging in currency racketeering.
The suspects, Ekpe Anayaoha Okoronkwo and Umeonuoha Onyinye, who are staff members of a new-generation bank, were brought before the Federal High Court in Enugu on Thursday, December 12, 2024.
The EFCC accuses them of selling a total of N500,000 worth of newly-minted N200 notes to an individual identified as Husseini Ibrahim.
The crime allegedly took place in October 2024 in Enugu, within the jurisdiction of the Federal High Court.
The two defendants faced a single charge under the Central Bank of Nigeria Act, 2007.
According to the EFCC’s Media and Publicity Head, Dele Oyewale, 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.”
While Okoronkwo pleaded guilty to the charge, Onyinye denied the allegations and pleaded not guilty.
EFCC’s Chief Superintendent, Rotimi Ajobiewe, requested a short date for the review of facts regarding Okoronkwo, and for trial to proceed for Onyinye.
Ajobiewe said, “In respect of the second defendant, we pray for a date for trial to enable the prosecution to prove its case.”
On the other hand, Onyinye’s counsel, C. N. Agama, requested the court to remand the second defendant at EFCC custody until a bail application hearing.
Justice Mohammed Garba Umar, presiding over the case, adjourned the matter to January 15, 2025.
On that date, the court will hear the bail application for Onyinye and determine Okoronkwo’s conviction and sentencing.
Both defendants were remanded at the Enugu State Correctional Facility following the hearing.
The two suspects were arrested on November 15, 2024, at their workplace on Okpara Avenue, Enugu, after the EFCC acted on credible intelligence linking them to the sale of newly-issued Naira notes in the Enugu metropolis.
EFCC investigators found that the two bankers allegedly sold the N500,000 in newly-minted N200 notes to Husseini Ibrahim.
The crime has sparked significant concern, given the sensitive nature of Nigeria’s recent currency redesign aimed at tackling corruption and inflation.
The Central Bank of Nigeria had recently introduced the redesigned notes to curb the hoarding and illegal circulation of large sums of money, especially ahead of the general elections.
Selling such newly minted notes is a violation of the law, as the act of currency racketeering is punishable under Nigerian legislation.
The arrest of these two bankers signals the EFCC’s ongoing commitment to tackling corruption in the financial sector, especially regarding fraudulent practices that undermine the country’s economy.
The case has further highlighted the ongoing struggles Nigeria faces with ensuring that the new Naira notes reach the public as intended, without falling into the wrong hands.
While Okoronkwo’s guilty plea has sped up proceedings, Onyinye’s denial of the charges ensures that further scrutiny will follow in the coming weeks.
The next court date will determine whether more charges are filed or whether the investigation deepens into other potential players involved in similar racketeering activities.
Public interest in the trial is high, as Nigerians eagerly await the outcome of this case, which could set a precedent for future currency-related offenses.
Both suspects will now await their fate in the Enugu Correctional Facility until the court reconvenes in January 2025.
As the EFCC intensifies its efforts to investigate and prosecute individuals involved in illegal currency trading, Nigerians are reminded that such illegal actions not only damage the financial system but also hinder national economic growth.
