ICPC arraigns Abuja-based business mogul over alleged money laundering

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Mr. Ijoma Uduma, a businessman based in Abuja, on a two-count charge before Justice M. A. Olajuwon of the Federal High Court, Abuja. The charge pertains to an alleged cash payment that exceeded the legal limit of N5 million under the Money Laundering Act.

The ICPC published a statement on Friday in which it stated that Mr. Uduma is accused of participating in a money laundering scheme worth thirty-eight million naira (N38,000,000).

Specifically, he is charged with making cash payments amounting to Ten Million Naira (N10,000,000) in three separate transactions, which together totaled Thirty Million Naira (N30,000,000). These actions allegedly breach Section 2(1)(a) of the Money Laundering (Prevention and Prohibition) Act, which was in force as of February 2012.

The offences in question carry severe penalties, including a possible fine of Ten Million Naira (N10,000,000) or a minimum prison sentence of three years, or both.

Mr. Uduma entered a plea of not guilty. His legal counsel requested bail under lenient conditions, which was granted by the court.

Bail was however, set at Two Million Naira (N2,000,000), with the stipulation that the surety must demonstrate a close relationship with Mr. Uduma, be employed by a reputable company, and not be self-employed or a civil servant.

The surety must also provide both occupational and residential addresses, evidence of tax payments for the past three years, and submit two recent passport photographs of both themselves and the defendant.

According to the statement, pending the fulfillment of his bail conditions, Mr. Uduma will be held at the Kuje correctional facility. The trial is scheduled to commence on October 22, 2024.