Abuja Businessman Faces ICPC Charges for Alleged Money Laundering

In a statement released on Friday, the ICPC detailed that Mr. Uduma is accused of involvement in a Thirty-Eight Million Naira (N38,000,000) money laundering scheme.

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.