The Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of a currency racketeer, Nwachukwu Ifeanyi.
This was disclosed in a statement released by the commission via its official X (formally Twitter) handle on Thursday, February 20, 2025.
Ifeanyi was sentenced by Justice Mohammed Umar at the Federal High Court in Enugu, after being charged with an amended one-count charge of currency racketeering involving N500, 000.
He pleaded guilty when the charge was read to him, following which the prosecution counsel, Blessing Obasi, called on Isaac Adole Enemona, an EFCC operative to review the facts of the case.
Satisfied that the prosecution has proved its case beyond reasonable doubt, Justice Umar convicted and sentenced Ifeanyi to six months imprisonment or for him to pay a N1 million fine.
“In addition to his sentence, he forfeited the N500,000 exhibit money, recovered from him upon his arrest to the federal government,” the EFCC statement said.
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The court heard that he was arrested on February 9, 2024, at his shop on Douglas Road in Owerri, Imo State, where he was found selling mints of N500 notes, totaling the forfeited amount.
During the proceedings, he pleaded guilty, and the prosecution presented evidence, including the seized money and other documents.
Despite the defense requesting leniency, citing that Ifeanyi was a first-time offender, the court ultimately decided on a six-month prison sentence for him or a fine of N1 million.
Additionally, he forfeited the N500,000 in exhibit money to the federal government.
Investigations by the EFCC revealed that Ifeanyi had been utilizing his shop for this illegal activity based on credible intelligence.
