In a significant turn of events, the Economic and Financial Crimes Commission (EFCC) and socialite Cubana Chief Priest have reached an agreement for an out-of-court settlement regarding alleged naira abuse charges.
The high-profile case unfolded at the Federal High Court in Ikoyi, Lagos, where Pascal Okechukwu, famously known as Cubana Chief Priest, appeared to continue his trial concerning the suspected naira abuse.
Okechukwu was charged with three counts of alleged naira abuse by the EFCC on April 16. The following day, he pleaded not guilty during his arraignment at the Federal High Court in Lagos. The presiding judge granted him bail in the sum of N10 million, requiring two sureties to provide an additional N10 million each.
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However, during the subsequent court appearance on May 2, a new development emerged. Chikaosolu Ojukwu (SAN), representing Okechukwu, informed Justice Kehinde Ogundare that they have reached an agreement with the EFCC to settle the matter out of court.
The allegations against Okechukwu stem from purportedly spraying and tampering with the Naira at a social event, an act deemed unlawful under the provisions of the Central Bank Act of 2007.
The decision to pursue an out-of-court settlement signifies a potential resolution to the legal proceedings, avoiding a protracted trial. It remains to be seen what terms and conditions are involved in the settlement agreement.
As the case takes this new direction, stakeholders await further details on the terms of the agreement and the implications for both parties involved.
