161 views | Stanley Ugagbe | October 17, 2020
The Kano Zonal Office of the Economic and Financial Crimes Commission yesterday arraigned one Abubakar Ibrahim before Justice Lewis A. Allagoa of the Federal High Court, sitting in Kano, Kano State on a five-count charge of money laundering.
One of the counts read ” That you Abubakar Ibrahim (being the Managing Director of Flexus Global Investment Ltd) while acting in such capacity, sometimes in 2019 in Kano, Kano State within the jurisdiction of this Honorable Court did fail to declare the existence of your company with Special Control Unit Against Money Laundry (SCUML) before commencing business under the name Flexus Global Investment Limited and thereby committed an offence contrary to Section 5(1) (a) (i) and punishable under Section 5(6) (a) & (b) of Money Laundering (Prohibition) Act, 2011 (As Amended).
The Defendant pleaded ’’not guilty” to the charges preferred against him.
In view of his plea, prosecution counsel, Michael Ojo asked the court for a date to commence; that the accused person be remanded in the custody of the Nigerian Correctional Service, the EFCC reports.
But the defence counsel, H.A Hamza urged the court to admit the defendant to bail.
Justice Allagoa granted the defendant bail in the sum of Fifty Million Naira (N50, 000,000.00), with one surety in like sum. The surety must be the owner of a landed property within Kano metropolis, which shall be verified by the registry of the court.
The case has been adjourned till November 19, 2020, for trial.
The defendant who is a promoter of Flexus Global Investment allegedly used the company which is not duly registered with the SCUML to engage in foreign exchange trading. Through one of his agents, Umar Kabir, he allegedly obtained a total sum of Seven Million Six Hundred Thousand Naira (N7, 600,000.00) from the complainant with the promise of 30-35 percent monthly return on investment.
However, after investing the said sum the complainant neither received the promised interest nor get a refund of the sum invested