The Enugu Zonal Directorate of the Economic and Financial Crimes Commission has arraigned the Group Managing Director of Brass Engineering and Construction Nigeria Limited, Mrs. Egwuche Chinyere Gladys, over an alleged $600,000 cash transaction.
Gladys was arraigned alongside her company before Justice F. O. Giwa-Ogunbanjo of the Federal High Court, Independence Layout, Enugu, on a 12-count charge bordering on money laundering.
The EFCC disclosed the arraignment in a statement posted on its X handle on Friday.
According to the Commission, the defendant, while serving as Group Managing Director of Brass Engineering and Construction Nigeria Limited, allegedly accepted cash payments of $50,000 in 12 tranches between March 13 and April 11, 2023.
The payments, according to the EFCC, amounted to $600,000 and were allegedly received without passing through a financial institution, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The Commission said the alleged cash payments were part of the purchase price for a 180220TPH Granite Stone Crushing Line sold by Brass Engineering and Construction Nigeria Limited to Patan Nigeria Limited and Reinforce Global Resources Limited under a joint venture arrangement.
One of the counts alleged that Brass Engineering and Construction Nigeria Limited and Gladys accepted a cash payment of $50,000 as part payment for the granite stone crushing line, a sum said to have exceeded the statutory threshold of ₦10 million without being processed through a financial institution.
The EFCC said the alleged conduct contravened the provisions of the Money Laundering Act, which prohibits cash transactions above the prescribed statutory limit outside the formal banking system.
When the charges were read to her, Gladys pleaded not guilty.
Following her plea, counsel to the EFCC, Assistant Commander of the EFCC, ACE II Rotimi Enitan Ajobiewe, asked the court to fix a date for trial to enable the prosecution prove its case.
He also urged the court to remand the defendant in the custody of the Nigerian Correctional Service in Enugu.
However, defence counsel, Roy O. U. Nwaeze, SAN, informed the court that a bail application had already been filed on behalf of the defendant and urged the court to admit her to bail.
Justice Giwa-Ogunbanjo granted Gladys bail in the sum of ₦200 million with two sureties in like sum.
The court ordered that each surety must own property within the court’s jurisdiction.
The judge also directed the defendant to deposit her international passport with the court registrar.
The EFCC was further ordered to verify the addresses of the sureties within seven days.
The matter was adjourned until November 11, 2026, for trial.
The post “EFCC Arraigns Firm’s GMD Over Alleged $600,000 Cash Transaction” — Court Grants ₦200m Bail, Fixes November 11 For Trial appeared first on TheNigeriaLawyer.
