EFCC accuses businessman over alleged illegal oil dealing, N24.3m fraud

Azubuike Uzoma, an oil magnate, has been charged by the Economic and Financial Crimes Commission’s (EFCC) Port Harcourt Zonal Command for allegedly engaging in illegal petroleum product trading worth N24,310,000 (twenty four million, three hundred and ten thousand naira) before Justice A.T. Mohammed of the Federal High Court located in Port Harcourt, Rivers State.

On October 25, 2023, he was charged with three offenses related to money laundering and unlawful petroleum product trade.

Azubuike Uzoma, who is trading under the name and style of ALVIN D INTERNATIONAL, is accused of violating Section 18(2)(d) of the Money Laundering Act by taking possession of N23,310,000.00 (twenty three million, three hundred and ten thousand Naira) that was paid into your Keystone Bank Limited account sometime in June 2022, when you reasonably ought to have known that the fund was part of the proceeds of an unlawful activity, namely illegal dealing in petroleum products.

However, after reading the allegations, Azubuike Uzoma entered a not guilty plea.

Abdulrahman Abubakar, the prosecution’s attorney, pleaded with the court to set a trial date and remand the defendant to the Correctional Service while the matter was handled.

The defendant’s attorney, C. J. Nmerem, asked the court to grant his client bail so that he may get ready for his trial rather than objecting to the prosecution’s pleas.

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The defendant was then granted bail in the amount of N1,000,000.00 (one million naira) by Justice Mohammed, along with two sureties in an equivalent amount. A minimum of grade level 14 public servant with the Rivers State government must be one of the sureties, and the other surety must be a member of the defendant’s family. The sureties must have valid addresses and submit two recent passport photos to the court.

The matter was postponed by the judge until January 22, 2024, when the trial was to begin.

The case against Azubuike began when agents of the Commission detained him at Ndoni Community, Onelga Local Government Area, Rivers State, on suspicion of money laundering and unlawful petroleum product trade.