The Economic and Financial Crimes Commission (EFCC) on Thursday, October 22, 2015 arraigned two men before a Federal High Court in Lagos State over alleged money laundering.
The duo of Linus Chibuike and Nnamdi Ojukwu, both businessmen, were each arraigned on a one-count charge of money laundering.
They both pleaded not guilty to the charges preferred against them n court.
The prosecutor, Mr Latona Gbolahan, had told the court that the accused committed the offence on Thursday, October 8, 2015.
He said that they were arrested by officers of the Nigeria Customs Service (NCS) at Murtala Mohammed International Airport, Lagos.
According to the prosecutor, the accused were apprehended during the outbound clearance of passengers on board a flight to China.
He said that the 2.5 million dollars and 2.9 million dollars respectively, were recovered from the accused, adding that they failed to declare the money to officers of the NCS as required by law.
The prosecutor alleged that Chibuike falsely declared the sum of 11,500 dollars as being the only amount in his possession, while Ojukwu failed to declare the money in his possession.
The offence breached the dictates of section 2(3) and 2(5) of the Money Laundering Act, 201, as amended by Act No 1 of 2012.
The court president, Justice Ibrahim Buba granted the accused bail in the sum of N50 million each, with one surety each in like sum, following an oral application by their counsels, Mr Abubakar Shamsudeen and Mr Chris Nwokedi.
Buba adjourned the case until Monday, November 2, 2015 for their substantive trial.