Li Yanping, a Chinese national, has been arraigned by the Economic and Financial Crimes Commission (EFCC) for allegedly concealing the sum of N108m ($300,000) while attempting to board a flight to Dubai before Justice Babatunde Quadri of a Federal High Court, Abuja.
The anti-graft commission said Mr. Li was arrested by the Presidential Task Force on Trans Border Cash Movement on March 15, 2018 for failure to disclose the said sum to the officers of the Nigerian Customs Service as required by Section 2 (3) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012) while attempting to board an Emirate flight on its way to Dubai and was handed over to the EFCC for further investigation and prosecution.
The defendant pleaded not guilty to the charge which reads, “That you, Li Yanping, on or about the 15th day of March, 2018 at Nnamdi Azikwe International Airport, Abuja, within the jurisdiction of the Federal High Court, had in your possession cash in the sum of $300,000 during your outbound clearance for travel to Dubai and failed to declare the said sum of $300,000 to the officers and men of the Nigerian Customs Service as required under the provision of Section 2 (3) of the money laundering (Prohibition) Act, 2011 ( as amended by Act No. 1 of 2012) and thereby committed an offence punishable under Section 2(5) of the Money Laundering (Prohibition) Act, 2011 ( as amended by Act No. 1 of 2012).”
Justice Quadri granted the accused bail in the sum of N10m with two sureties in like sum based on the request of his counsel.
The Judge said sureties must not be below salary level GL12 in any of the federal ministries or parastatals and must have traceable addresses.
He added that the sureties must comply with a bail bond accompanied with their international passport.
The Judge ordered that the defendant should be remanded in the custody of the EFCC until the perfection of his bail conditions.
The case has been adjourned till April 17, 2018 for hearing.