A Federal High Court in Lagos has ordered the remand of a businessman, Sunday Okorie, at the Ikoyi Correctional Centre for allegedly failing to declare $299,000 and being in possession of counterfeit $250 and €100 Euros.

Justice Deinde Dipeolu issued the order on Tuesday after Okorie pleaded not guilty to the four-count charge brought against him by the Economic and Financial Crimes Commission (EFCC).

Charges Against Okorie

The EFCC accused Okorie of money laundering and the unlawful importation of counterfeit foreign currency. According to the prosecution counsel, Chineye Okezie, the defendant concealed the money inside relaxer containers while attempting to pass through the Nigerian Customs Service at the Murtala Muhammed International Airport, Lagos.

The alleged offence took place on March 19, 2025, when Okorie reportedly attempted to smuggle the funds into the country.

The EFCC also claimed that Okorie was found in possession of five counterfeit $50 bills, amounting to $250, with specific serial numbers indicating knowledge of their illegitimate nature.

According to the prosecutor, the alleged crimes violate Section 3(5) of the Money Laundering (Prevention and Prohibition) Act, 2022, as well as Sections 3(1)(a) and 5(1)(b) and (2) of the Counterfeit Currency (Special Provisions) Act under Nigerian law.

Court Proceedings

During the court session, the prosecutor requested that Okorie be remanded in prison custody while awaiting trial. However, defence counsel Uche Okoronkwo urged the judge to allow his client to be held in EFCC custody instead.

Justice Dipeolu ruled in favor of the prosecution, ordering Okorie’s remand at the Ikoyi Correctional Centre. The case was adjourned until March 26, 2025, for the commencement of the trial.

Legal Arguments

Earlier in the hearing, Okoronkwo requested the court to delay the arraignment until March 26, stating that he had only received the charge sheet at 10:30 am and had not had adequate time to consult with his client.

However, Okezie countered the claim, arguing that the charges were served on Okorie as early as 9:00 am, providing sufficient time for legal consultation.

After hearing arguments from both sides, Justice Dipeolu temporarily stood down the matter until 4:00 pm, when Okorie was eventually arraigned.

The EFCC continues its investigation, and Okorie faces a potentially lengthy prison sentence if convicted under Nigeria’s money laundering and counterfeit laws.