Man forfeits $200k to Govt for concealing it while traveling to Dubai


A Federal High Court, sitting in Abuja on Tuesday found guilty a businessman, Mr Moghalu Maduakonam, who had been arraigned before it for money Laundery.
The accused, was arrested in February, 2013 by the Economic and Financial Crimes Commission, EFCC at the MM Airport, Lagos for failing to declare he had in his possession, $200,000 (about N72,000,000), while trying to board an Ethiopian Airline flight headed for Dubai, UAE.
This action contradicts Section 12 of the Foreign Exchange (monitoring and Miscellaneous Provisions) Act Cap F34 Laws of the Federation of Nigeria 2004 and Section 2(3) of the Money Laundering (Prohibition) Act No. 11, 2011.
The extant law of the land allows for Basic Traveling Allowance (BTA) not more than $10,000 for an individual.
 The trial Judge, Justice Ijeoma Ojukwu pronouncing the verdict, said” “the prosecution had proved its case against the defendant beyond reasonable doubts. I have no difficulty in convicting the defendant on the count preferred against him”
As a result of this, Judge Ojukwu ordered the forfeiture of the $200,000 (Two Hundred Thousand United States Dollars) to the federal government.


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