Court orders forfeiture of $200,000 concealed by Businessman to FG

Justice Ijeoma Ojukwu of the Federal High Court, Abuja has ordered the forfeiture of $200,000 cash belonging to one Moghalu Maduakonam to the Federal Government for transporting the sum exceeding the limit provided for by the money laundering Act.

Maduakonam, a business man, was arrested sometime in February 2013 by operatives of the EFCC for transporting in cash a sum of $200,000 while attempting to board an Ethiopian Airline from Nigeria to Dubai, United Arab Emirates.

The money is above the threshold of $10,000 allowed by law for an individual but the defendant failed to disclose the said sum to the officials of the Nigerian Customs Service as required by Section 12 of the Foreign Exchange (monitoring and Miscellaneous Provisions) Act Cap F34 Laws of the Federation of Nigeria 2004 and Section 2(3) of the Money Laundering (Prohibition) Act No. 11, 2011.

The one-count charge of money laundering preferred against the convict by the Economic and Financial Crimes Commission (EFCC) was punishable under Section 2(5) of Money Laundering (Prohibition) Act No. 11, 2011 (as amended).

Justice Ojukwu ruled that the prosecution had proved its case against the defendant beyond reasonable doubts.

“I have no difficulty in convicting the defendant on the count preferred against him”, the judge said.

Maduakonam’s counsel, Babara Amosu, however, prayed the court to consider the convict as a first time offender and temper justice with mercy, having admitted to his mistake earlier in the trial.

On other hand, counsel to the EFCC, M. E. Eimonye urged the court to apply the full weight of the law adding that the offence was “intentional” and that the defendant was fully aware of its consequences under law as the trip was not his first time of travelling to Dubai.

Consequently, Justice Ojukwu ordered the forfeiture of the $200,000 to the federal government.