Man Bags 3Months Jail term in Enugu for Hawking Naira Notes

The act violates Section 21(4) of the Central Bank of Nigeria Act, 2007.
Onuigbo Chibuzor [X]
Onuigbo Chibuzor X

The Economic and Financial Crimes Commission has found Onuigbo Chibuzor guilty of illegally exchanging money in Enugu State. He was convicted and sentenced by the commission.

A news release from the EFCC on Monday via X stated that Chibuzor faced a legal charge in Enugu. The Federal High Court judge, Mohammed Umar, heard the case on a one-count charge where Chibuzor was accused of selling new banknotes issued by the Central Bank of Nigeria.

The charge reads thus: On June 8th, 2024, at Enugu, Enugu State, within the jurisdiction of the Federal High Court of Nigeria, Onuigbo Chibuzor was accused of illegally selling N40,000 in brand new N200 bills issued by the Central Bank. This act violates Section 21(4) of the Central Bank of Nigeria Act, 2007. Chibuzor pleaded guilty to the charge.

The EFCC legal representative, Ajobiewe Enitan, subsequently reviewed the facts of the case and tendered the defendant’s confessional statements and the N40,000 recovered as exhibits, which were admitted as evidence.

Defending Chibuzor, his lawyer, Mr. Davidson, urged the court to show mercy. He argued that Chibuzor was a law-abiding citizen with a family of three to care for, and this was his first offence.

Despite the defence's plea, Judge Umar found Chibuzor guilty and sentenced him to three months of imprisonment. However, he was offered the option to pay a fine of N200,000 instead.

The court further ordered that the N40,000 new notes be returned to the Treasury Single Account of the Federal Government.

“Chibuzor’s road to the correctional centre began when he was apprehended around Otigba in New Haven, Enugu State, for selling N40,000 in new naira notes for N60,000,” the statement added.

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