The Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned the Group Managing Director of Brass Engineering and Construction Nigeria Limited, Mrs. Egwuche Chinyere Gladys, alongside the company, over alleged illegal cash transactions involving $600,000 (about N827 million).
The EFCC disclosed this in a statement posted on its official X handle on Friday, stating that the defendants were arraigned before Justice F. O. Giwa-Ogunbanjo of the Federal High Court, Independence Layout, Enugu, on a 12-count charge bordering on alleged violations of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the anti-graft agency, Gladys allegedly accepted cash payments of $50,000 in 12 separate tranches between March 13 and April 11, 2023, amounting to a total of $600,000. The funds were said to be part payments for the sale of a 180–220 TPH Granite Stone Crushing Line to Patan Nigeria Ltd and Reinforce Global Resources Ltd.
The EFCC alleged that the payments exceeded the statutory cash transaction threshold of N10 million and were not processed through a financial institution as required by law.
Count one of the charge reads: “That you, Brass Engineering and Construction Nigeria Limited and Mrs. Egwuche Chinyere Gladys, while being the Group Managing Director of Brass Engineering and Construction Nigeria Limited, on the 13th day of March, 2023, at Abakaliki, within the jurisdiction of the Federal High Court of Nigeria, accepted cash payment of $50,000, being part payment for a 180–220 TPH Granite Stone Crushing Line sold to Patan Nigeria Ltd and Reinforce Global Resources Ltd, which exceeded the statutory threshold of N10 million without passing through a financial institution, thereby committing an offence contrary to Section 2(1) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19(2)(b) of the same Act.”
Similarly, count three alleged that on March 15, 2023, the defendants accepted another cash payment of $50,000 for the same transaction, also in violation of the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC said the prosecution forms part of its ongoing efforts to enforce compliance with Nigeria’s anti-money laundering laws and curb illicit financial transactions.
The case was adjourned for further proceedings.
Alleged $600,000 Cash Transactions, Money Laundering EFCC Arraigns Firm’s GMD
