The police have arraigned a member of the House of Representatives, Chinyere Igwe before a Federal High Court in Port Harcourt for alleged money laundering.
Hon. Igwe who represents Port Harcourt Federal Constituency II was arrested with $498,000 on the eve of the presidential and National Assembly elections in Rivers State.
At the proceedings on Wednesday, the prosecution counsel M. N. Nwaeke in a one-count charge, dated 6 March said the accused accepted that he received a cash payment of $498,000 on 24 February at about 1:35 am in the GRA Junction on Aba Road, Port Harcourt.
He did not report the receipt of the money to the Central Bank of Nigeria and did not declare its transportation to the Nigeria Customs Service as is required by the law.
The counsel said the act contravenes sections of the Money Laundering and Prohibition Act 2011 and is punishable under section 2(5).
Hon. Igwe, however, pleaded not guilty to the one-count charge, and the presiding judge, Justice Stephen Daylop-Pam, after that, adjourned to Tuesday 14 March for consideration of the bail application by the defense counsel, Ibisiki Tonye.
The accused will be held in the custody of the police.
The Judge announced 4 May as the date for the commencement of the criminal trial.