The Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned Ibrahim Lafiya, Chief Executive Officer (CEO), I.U Lafiya Maize Processing Ventures and I.U Maize Processing Ventures alongside his companies before Justice Fadimatu Aminu of the Federal High Court sitting in Damaturu, Yobe State.
The defendant was arraigned on a one- count charge bordering on money laundering to the tune of N21, 500,000 (Twenty One Million, Five Hundred Thousand Naira only).
The lone count reads: “That you, Ibrahim Umar Lafiya, being the C.E.O and Alter Ego of I.U Lafiya Maize Processing Ventures and I.U Maize Processing Ventures, a company registered in Nigeria between November to December, 2023 at Potiskum Yobe State, within the jurisdiction of this Honorable Court, directly converted the aggregate sum of N21,500,000.00 (Twenty One Million Five Hundred Thousand Naira), which you ought to have known formed part of processeds of an unlawful act to wit: Money Laundering and thereby committed an offence contrary to Section 18 (1) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act 2022.”
When the charge was read to the defendant, he pleaded not guilty to the offence.
In view of his plea, the prosecuting EFCC lawyer, Mukhtar Ali Ahmed, prayed the court for a trial date. But the defence lawyer, M.S Baba, informed the court of an application of his client, urging the court to grant him bail on liberal terms.
After listening to the arguments of the parties over the bail application, Justice Aminu admitted the defendant to bail in the sum of N6million with two sureties in like sum. The judge added that one of the sureties must be a traditional ruler domiciled in Damaturu.
The judge also ordered the defendant to be remanded in EFCC custody pending the fulfilment of his bail conditions and adjourned the matter till June 17, 2025 for trial.
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