The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Mr. Ijoma Oji Uduma, an Abuja-based businessman, on a two-count charge of violating the Money Laundering Act by making cash payments exceeding the legal limit of N5,000,000.
Mr. Uduma was indicted in connection with a N38,000,000 money laundering case, accused of making cash payments totaling N30,000,000 in three tranches of N10,000,000 each in February 2012. These transactions allegedly exceeded the limit authorized under Section 2(1)(a) of the Money Laundering (Prevention and Prohibition) Act. The offence carries a penalty of a N10,000,000 fine or imprisonment for a term of at least three years, or both.
During the arraignment before Justice M. A. Olajuwon of the Federal High Court in Abuja, the defendant pleaded not guilty. His counsel applied for bail, requesting the most liberal terms.
Bail was granted with a bond of N2,000,000, to be guaranteed by a responsible surety who must prove a close relationship with the defendant, be employed by a reputable company, and not be self-employed or a civil servant. The surety is required to provide both occupational and residential addresses to the court, submit evidence of tax payment for the past three years, and provide two recent passport photographs each of himself and the defendant.
Pending the perfection of his bail, Mr. Uduma is to be remanded in Kuje correctional facility. The case has been adjourned to October 22, 2024, for the commencement of the trial.
