The EFCC on Wednesday arraigned Agwuncha before the Federal High Court in Abuja on a two-count charge bordering on money laundering and failure to designate a management-level compliance officer. The agency said the offence violates section 10(1)(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, which mandates institutions to appoint compliance officers. Agwuncha pleaded not guilty, prompting the prosecution counsel, J.N. Dogonyaro, to request a trial date.
Defence counsel applied for bail, which Justice Obiora Egwuata granted in the sum of N50 million with two sureties of equal value. The court ordered that the sureties must hold at least grade level 16 positions and own verifiable property in Abuja. They are also required to deposit travel documents, and the defendant must remain in Kuje prison until conditions are met. Trial is scheduled to begin on February 16, 2026.