Kehinde Ogundare, the judge of the federal high court sitting in Lagos, has struck out the naira abuse charge against Cubana Chief Priest.
On April 16, the Economic and Financial Crimes Commission (EFCC) filed a three-count charge against the socialite over alleged abuse of the naira.
Cubana Chief Priest was alleged to have sprayed and tampered with naira notes during an event at the Eko Hotel in Lagos.
The nightlife promoter, however, pleaded not guilty to the charges and was granted bail of ₦10 million.
At the last adjourned date on May 2, Chikaosolu Ojukwu (SAN), the defence counsel, informed the court that the parties were exploring settlement and had applied that the matter be settled under the provisions of section 14(2) of the EFCC Act.
On June 5, Ojukwu applied for a withdrawal of the preliminary objection.
Since there was no objection from the prosecution, the court granted the request.
At the resumption of sitting on Tuesday, Ogundare directed Cubana to forfeit the sum of ₦10million to the federal government as part of an out-of-court deal the defendant agreed with the EFCC in place of the charge.
Ogundare adopted the terms of the settlement agreement submitted by the EFCC.
Bilkisu Buhari-Bala, the counsel for the EFCC, informed the court that the parties in the charge entered into the out-of-court settlement and it was duly signed.
Chikaosolu Ojukwu, the defendant’s counsel, commended the anti-graft agency for resolving the matter resolved.
He said the defendant is equally “remorseful and promises to turn over a new leaf going forward”.
Ojukwu also said that the consequence of the settlement is for the court to dismiss the charge.
Ogundare, in his short ruling, adopted the terms of settlement and consequently struck out the charge.
He said the terms of the settlement agree with Section 14 (2) of the EFCC Establishment Act, 2004.
“The defendant shall enter into a bond with the EFCC to be of good behaviour and never indulge in any economic and financial crime or related offences,” he said.
“The defendant shall engage in rigorous and intensive sensitisation and/or campaign against the abuse of coins and notes issued under the CBN Act as legal tender.
“The defendant shall bi-monthly post on his various social media handles a minimum of two video clips of his sensitisation/campaign against abuse of naira and sundry offences.
“The Defendant shall pay to the consolidated revenue fund of Federation such sum not below the sum of ten million naira (₦10,000,000:00) only upon the execution of this agreement.”
