Court Jails Bizman For Failing To Declare $40,000

Justice Alexander Owoeye of the Federal High Court in Lagos has convicted and sentenced a businessman, Emeka Igboezue, to one month in prison for money laundering and failing to declare $40,000 to the Nigeria Customs Service (NCS).

Emeka, who was on his way to board a flight to South Korea, was also ordered by the judge to forfeit the $40,000 to the federal government.

The convict was arrested on February 12, 2025, at the Murtala Mohammed International Airport by officers of the Nigeria Customs, which then transferred him to the Economic and Financial Crimes Commission (EFCC) on the same day for further investigation and prosecution.

The anti-graft agency had told the court that the offence is contrary to Section 3(3) of the Money Laundering Act, No. 14 of 2022, and punishable under Section 3(5) of the same Act.”

The convict pleaded guilty to the charge after it was read to him by the court registrar.

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In light of his plea, the prosecutor, Nnaemeka Omewa, sought the court’s permission to call the investigating officer to review the facts of the case.

In his testimony, the EFCC operative, Michael Olaremi, said, “At about 1:20pm on February 12, 2025, we received an intelligence report from the Nigerian Customs that they had intercepted the defendant with the sum of $40,000.

“I instructed one of my team leads, Lanre Michael, to pick up the individual and the exhibit from the Nigeria Customs at Murtala Mohammed Airport.

“At about 4pm, Michael returned with the defendant, the monetary exhibit, and the defendant’s international passport. The defendant was found in possession of two phones, which he used to call his lawyer and relatives.

“In the presence of his relatives, Emeka voluntarily made a statement. He admitted he was travelling via Qatar Airways to Seoul, the capital of South Korea, and that he had been questioned by Customs Officers about any currency he needed to declare, to which he responded, ‘No.’

In his judgement, Justice Owoeye found Emeka guilty and sentenced him accordingly. His prison sentence will begin on February 12, 2025, the date of his arrest.