Three Unlicensed BDC Operators Convicted by Ilorin Federal High Court
The Federal High Court in Ilorin, Kwara State, has convicted three unlicensed Bureau De Change (BDC) operators, according to a statement issued by the Economic and Financial Crimes Commission (EFCC), the prosecuting agency, on Tuesday.
The statement identified the defendants as Mustapha Idris, Hassan Bala, and Ajayi Isaac, all natives of Chikanda in Baruten Local Government Area of Kwara State. They were prosecuted for operating a BDC without obtaining the necessary licence from the Central Bank of Nigeria (CBN).
Presiding Judge, Justice Olukayode Ariwoola, sentenced Mr Idris to 250 hours of community service, with no option of a fine, and ordered the forfeiture of CfA 33,000 and N323,000 seized from him to the federal government. Mr Bala was sentenced to six months in prison or a N200,000 fine, and his assets – Cfa 677,500 and N881,900 – were also forfeited to the federal government.
Likewise, the judge sentenced Mr Isaac to six months in prison or a fine of N500,000, while also ordering the convict to forfeit $31 recovered from him to the Federal Government.
EFCC brought the charges against them under section 57 (1) of the Banks and Other Financial Institutions Act, 2020, which prohibits any person without a valid licence from engaging in specialised banking or other financial institution business, including forex trading, in Nigeria.
Section 57(5) of the law provides that any person found culpable is liable to a minimum imprisonment of five years, a fine of at least N2 million and an additional fine of no less than N50,000 for each day the violation persists, or both imprisonment and fine.
If the offender is a corporate body, the law provides for a fine of N10 million and N200,000 for each day the violation persists.
EFCC arrested the defendants in July 2024.
They pleaded not guilty to the charges.
During their trial, EFCC prosecutors Sesan Ola and Andrew Akoja called witnesses and tendered extra-judicial statements of the defendants and different currencies recovered from the trio as exhibits.
The prosecution counsel urged the court to convict and sentence them accordingly.
Illegal BDCs in Nigeria
The activities of illegal foreign exchange operators are believed to contribute to the depreciation of naira and a conduit for money laundering.
In 2024, PREMIUM TIMES reported the demolition of shanties and structures of BDC operators in Abuja.
The office of the National Security Adviser (NSA) in February 2024, announced its partnership with CBN, EFCC, Nigerian Police Force (NPF), Nigeria Customs Service and the Nigeria Financial Intelligence Unit (NFIU) to combat the activities of illegal foreign exchange operators.
Cloud Tag: What's trending
Click on a word/phrase to read more about it.
Kayode Zubair Salaudeen Oyewale Riskat Opakunle Abdulfatai Baakini Sam Onile Nurudeen Muhammed Onilorin Apaola Tafida Of Ilorin Doyin Awoyale Sa\'adu Salau Titus Suberu-Ajibola Saliu Tunde Bello Shuaib Jawondo Odogun Olushola Gabriel Oja-Oba A.E. Afolabi Abdullahi Imam Abdullahi Apata Ajele Secondary School Centre For Community Empowerment And Poverty Eradication Deji Ajani Special Adviser On Digital Innovation Erubu Oba Zubair Adamu Ibrahim Sabi All Peoples Party Abiodun Musa Aibinu Abdulmajeed Abdullahi Oluranti Idowu Amina Susa\'a De Ahmed Bank Of Industry Turaki Of Ilorin Mahmud Ajeigbe Muhammed Aliyu Ayegbeni Benin Republic Mohammed Yisa Gambari Abubakar Lah Local Government Doyin Group Gbemisola Saraki Olosi Of Osi College Of Education Ndama Al-hassan Zainab Abass Opaleke Bukola Iyabo Ilorin East/South Federal Constituency Mutawalle Just Law Forum Kolawole Akande Ladi Hassan Bolakale Ayo Wasiu Odewale Ishola Abdullahi Code Of Conduct Tribunal Kannike Mohammed Ghali Alaaya Tunde Mukaila Mustapha JUSUN Oba Mogaji Abdulkadir ASKOMP Olupako Of Share Adamu Attah Ramadhan Shuaib Olarongbe Sardauna Of Ilorin Amos Bajeh KWSIEC Mahfouz Adedimeji IYA ALFA NLA Jide Oyinloye Okin High School Oniwa Theophilus Oyebiyi LEAH Charity Foundation Sunday Fagbemi Saliu Shola Taofeek