Mr. Ijoma Oji Uduma, an Abuja-based businessman, has been brought before the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for allegedly exceeding the legal limit of cash payments under the Money Laundering Act.
According to Demola Bakare, the Acting Director of Public Enlightenment and Education/Spokesperson for the ICPC, Uduma was arraigned before Justice M. A. Olajuwon of the Federal High Court, Abuja. He faces charges related to a money laundering case involving an alleged N38 million transaction, which included cash payments totaling N30 million in three tranches, exceeding the limit authorized by Section 2(1)(a) of the Money Laundering (Prevention and Prohibition) Act in February 2012.
The charges carry penalties that include a fine of up to N10 million or a minimum of three years imprisonment, or both.
Uduma pleaded not guilty to the charges. His counsel applied for bail, which was granted by the court under stringent conditions. He was required to provide a bond of N2 million with a responsible surety who must demonstrate close ties with the defendant, be employed by a reputable company (not self-employed or a civil servant), and submit proof of tax payment for the last three years, along with recent passport photographs.
Pending the fulfillment of bail conditions, Uduma has been remanded in Kuje Correctional Facility. The trial is scheduled to commence on October 22, 2024.
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