*To be prosecuted for currency abuse, others

By Soni Daniel, ABUJA

Celebrated socialite and businessman, Obinna Iyiegbu (aka Obi Cabana) was, yesterday, released after spending about 24 hours in the custody of the Economic and Financial Crimes Commission, EFCC, in Abuja.

Onwumelu Valentine, the businessman’s friend and colleague, announced this via his Instagram page yesterday evening.

“Thank u, Jesus!! @obi_cubana is free. We gat Jesus!!! Dis Dance is for all my fans. I love u all,” he wrote.

READ ALSO: EFCC arrests Obi Cubana over money laundering allegation

The 46-year-old nightlife promoter also confirmed his release in a terse post via his Instagram page, saying he remains “unbroken.”

“Okpataozueora! I love you all! Unbroken #manoftheyear2021,” he wrote.

It is understood that he was released on administrative bail.

But, a top source explained that although the anti-graft agency plans to prosecute Cubana for sundry economic and financial offences, the trial would not commence any time soon.

“The trial of the businessman and socialite is not taking place immediately. We will put all things in place before the prosecution begins,” the official hinted.

Asked why the trial would not commence at once, the source said there were many issues for which Obinna would be charged.

Among the charges are those bordering on abuse of the naira, tax fraud and money laundering based on what the source called “verified business transactions.”

It will be recalled that the EFCC had on Monday invited the businessman to its head office to answer questions on sundry issues, which the agency merely classified as tax fraud and money laundering but declined to give specifics, apparently to avoid jeopardising the probe.

Vanguard News Nigeria