Naira abuse: Cubana Chief Priest resolves legal issues with EFCC

Date:

June 25, 2024.

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Azonuchechi Chukwu.

Popular businessman, Pascal Okechukwu aka Cubana Chief Priest, has resolved his legal issues with the Economic and Financial Crimes Commission (EFCC).

He forfeited N10 million to the Federal Government and entered into a bond to be of good behavior.

This development comes after the EFCC filed charges against the socialite for allegedly abusing the naira.

The parties reached an out-of-court settlement agreement, which was adopted by the Federal High Court in Lagos.

According to the terms of the agreement, Cubana Chief Priest will also engage in sensitization and campaign against the abuse of naira and other economic and financial crimes.

He is required to post videos on his social media handles every two months, promoting the responsible use of the naira and condemning related offences.

The settlement agreement was duly signed by both parties and adopted by the trial judge, Justice Kehinde Ogundare, on Tuesday.

The EFCC’s counsel, Bilkisu Buhari-Bala, informed the court that the parties had reached an agreement, and the defendant’s counsel, Chikaosolu Ojukwu (SAN), commended the EFCC for their reasonable action in resolving the matter.

Ojukwu also acknowledged his client’s remorse and promised that Cubana Chief Priest would turn over a new leaf going forward.

The consequences of the settlement include the court dismissing the charge, and Cubana Chief Priest forfeiting the sum of N10 million to the consolidated revenue fund of the Federation.

The terms of the settlement agreement, pursuant to Section 14(2) of the EFCC Establishment Act, 2004, also require Cubana Chief Priest to engage in rigorous and intensive sensitization and campaign against the abuse of coins and notes issued under the Central Bank of Nigeria (CBN) Act as legal tender.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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