Update

Federal High Court Orders Cubana Chief Priest to Forfeit ₦10 Million for Naira Abuse

Written by Jerry Alomatu on June 25, 2024

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The Federal High Court in Lagos has mandated celebrity bartender and businessman Pascal Okechukwu, known as Cubana Chief Priest, to forfeit ₦10 million to the Federal Government. This decision stems from a settlement agreement with the Economic and Financial Crimes Commission (EFCC) regarding allegations of Naira abuse.

During the proceedings, EFCC counsel Bilkisu Buhari-Bala informed the court that an out-of-court settlement had been reached and signed by both parties. This agreement was subsequently adopted by the trial judge, Justice Kehinde Ogundare.

Cubana Chief Priest’s counsel, Senior Advocate of Nigeria Chikaosolu Ojukwu, praised the EFCC for its pragmatic approach to resolving the matter. He stated that his client is remorseful and committed to reforming his behavior.

As part of the settlement, the defendant has agreed to enter into a bond with the EFCC to maintain good behavior and abstain from any economic and financial crimes. He is also required to conduct intensive campaigns against the abuse of the Naira and other legal tender issued under the CBN Act. This includes posting at least two video clips bi-monthly on his social media platforms to promote this campaign.

Additionally, the defendant will pay a sum of ₦10 million to the consolidated revenue fund of the Federation. Following the adoption of these settlement terms, Justice Ogundare struck out the charge against him.

The court’s ruling emphasizes the importance of upholding the integrity of the nation’s currency and sets a precedent for addressing similar cases of currency abuse in the future.