A member of the House of Representatives for Port Harcourt City Local Government Constituency II, Chinyere Igwe, was on Wednesday arraigned at a Federal High Court in Port Harcourt, Rivers State for alleged money laundering.

Igwe was nabbed with 498,100 dollars during a stop-and-search by the police about 2:45 am on February 24, 2023 ahead of the presidential/parliamentary polls.

At the arraignment of the defendant at Court 4, the Prosecution said the accused had in his possession the stated amount in dollars and failed to make a report to the Central Bank of Nigeria as well as failed to declare its transportation to the Nigerian Customs Service as demanded by law.

The offence contravened Sections 1 (a), (1) (2) (3) of the Money Laundering (prohibition) Act, 2011 and punishable under Section 2 (5) of same Act.

However, Igwe pleaded not guilty to the charge and his lawyer applied for a bail application to which the police objected.

Justice Stephen Daylop-Pam, after listening to the arguments and submissions adjourned until March 14, 2023 for hearing of the bail application.

The judge directed that the accused be sent to Nigerian Police Clinic for attention on a medical report about his health.

Igwe, according to the police, was arrested by 2:45 a.m. on Friday (eve of Presidential/NASS elections) by police officers deployed to Independent National Electoral Commission (INEC) Headquarters at Aba Road in Port Harcourt.

“The police officers, who were on stop-and-search found a cash sum of 498,100 USD inside a bag in his car meant for the elections.

“Also recovered from him was a list meant for the distribution of the money,” the Rivers Police command said.