Woman who took over N500,000 cooperative loan bags jail term for money racketeering

The Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, has secured the conviction and sentencing of one Bose Lateef before Justice Deinde Dipeolu of the Federal High Court sitting in Ikoyi, Lagos....READ FULL ARTICLE

The anti-graft agency said Bose bagged the jail term on for an offence bordering on money racketeering. “She was arraigned by the EFCC on a one- count charge bordering on Naira Racketeering under Section 21(4) of the CBN Act.”

The count reads: “That you, BOSE LATEEF on or about the 16 day of February, 2024 al Eko Club, Surulere, in Lages within the jurisdiction of this Honourable Court hawked the sum of N269,000.00 (Two Hundred and Sixty Nine Thousand Naira), in N500 (Five Hundred Naira) denominations, issued by the Central Bank of Nigeria and thereby committed an offence contrary lo 21(4) and punishable under Section 21(1) of the Central Bank of Nigeria Act. 2007.”

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She pleaded “guilty” to the charge preferred against her. Following her guilty plea, counsel to the EFCC, A.S. Wara called on Olagunjo Abdulmalik, an operative of the EFCC, to review the facts of the case.

Abdulmalik told the court that the defendant was arrested on February 15, 2024 while hawking Naira notes at Eko Club, Surulere, Lagos, following credible intelligence received by the Commission.

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Speaking further, he said the sum of N507,500 (Five Hundred and Seven Thousand, Five hundred Naira) was recovered from her at the point of arrest.

“Upon her arrest by operatives, she was duly cautioned and the defendant volunteered her statement, in which she confessed that she was into money racketeering and hawking of Naira notes,” he said.

Wara, thereafter, sought to tender, in evidence, the defendant’s statements, and the N507,500( Five Hundred and Seven Thousand, Five hundred Naira) recovered.

Justice Dipeolu admitted and marked them as exhibits against her. Thereafter, the trial judge declared her guilty as charged.

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Defence counsel, Kolapo Gbadamosi, prayed the court for leniency. “The money found in her possession was a loan she took from a cooperative society,” he said.

He prayed the court to “please give her the money so she can return to the owner and forgive her as she is a first-time offender and is sorry for her actions”.

Justice Dipeolu sentenced her to one month imprisonment to commence from the day of her arrest by the EFCC. The court also ordered the sum of N507,500 cash should be returned to her....READ FULL ARTICLE 

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