The case between the Economic and Financial Commission and stakeholders following accusations against Okechukwu over manipulation of naira notes during a social event at the famous Eko Hotel in Lagos has reached an unexpected outcome. Indeed, Justice Kehinde Ogundare decided to dismiss the charge following the adoption of a settlement agreement between the parties.
After pleading not guilty to the three charges brought against him, the accused was released on bail of 10 million naira. During the last hearing on May 2, the defense lawyer, Chikaosolu Ojukwu (SAN), had informed the court that the parties were in the process of negotiating a settlement and requested that the matter be settled in accordance with the provisions of the Section 14(2) of the Economic and Financial Commission Act (EFCC).
Following this action, defense counsel requested the withdrawal of a preliminary objection filed by the defense, and as no objection was raised by the prosecution, the court granted the request. The matter was therefore adjourned until June 5 for a settlement update.
At the hearing on June 5, the case could not proceed due to the absence of the defense lawyer who had written to the court to request a postponement. The court then adjourned the case to June 25 for a settlement update. During the last hearing, Bilikisu Buhari appeared for the prosecution, while Chikaosolu Ojukwu (SAN) represented the defence.
Bilikisu informed the court that the prosecution filed a settlement agreement dated June 24, and adopted it. In response, the defense attorney expressed agreement with what the prosecution said and also adopted the agreement. He thanked the court for its leniency and said certain obligations under the agreement had been fulfilled. He then asked the court to dismiss the case.
In a brief ruling, the court ruled that: “By virtue of the agreement between the prosecution and the defense in accordance with the Economic and Financial Commission Law, the agreement having been presented to the court, the prosecution is dismissed and the defendant is cautioned.”
The settlement agreement states, inter alia, that the defendant must enter into an undertaking with the EFCC to behave in an exemplary manner and not engage in economic and financial crimes. Additionally, he must regularly sensitize against the misuse of currency and notes issued under the Central Bank of Nigeria Act as legal tender. The respondent must also pay a minimum sum of N10 million to the National Treasury in pursuance of this agreement.
This tumultuous case highlights the importance of amicable settlements and agreements between parties to avoid lengthy and costly legal proceedings. It also highlights the need for everyone to respect applicable laws and regulations to promote responsible and ethical behavior in society.
It is hoped that this case will serve as a lesson to all and encourage awareness against wrongdoing, thereby contributing to integrity and transparency in financial transactions.