The Federal High Court sitting in Enugu has granted bail to the Group Managing Director of Brass Engineering and Construction Nigeria Limited, Egwuche Chinyere Gladys, after she was arraigned by the Economic and Financial Crimes Commission (EFCC) over an alleged $600,000 money laundering offence.
Justice F. O. Giwa-Ogunbanjo admitted Gladys to bail in the sum of N200 million with two sureties in like sum, who must own landed property within the court’s jurisdiction.
The court also ordered her to deposit her international passport with the court registrar, while directing the EFCC to verify the sureties’ addresses within seven days.
Gladys and her company were arraigned on a 12-count charge bordering on alleged violations of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC alleged that between March 13 and April 11, 2023, the defendants accepted cash payments of $50,000 in 12 tranches, amounting to $600,000, without routing the funds through a financial institution as required by law.
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According to the anti-graft agency, the payments were made as part payment for a 180220TPH Granite Stone Crushing Line sold by Brass Engineering and Construction Nigeria Limited to Patan Nigeria Limited and Reinforce Global Resources Limited under a joint venture arrangement.
The Commission maintained that the cash transactions exceeded the statutory threshold of N10 million and therefore contravened provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Gladys pleaded not guilty to all the charges.
Following her plea, EFCC counsel, Assistant Commander Rotimi Enitan Ajobiewe, asked the court to fix a trial date and remand the defendant in the custody of the Nigerian Correctional Service pending trial.
However, defence counsel, Roy O. U. Nwaeze, SAN, urged the court to grant his client bail, citing a pending bail application.
Justice Giwa-Ogunbanjo granted the application and adjourned the matter until November 11, 2026, for commencement of trial.
