Three Unlicensed BDC Operators Convicted by Ilorin Federal High Court

Date: 2025-02-12

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.

Sanusi Abubakar     Salaudeen Oyewale     Aliyu Adebayo     Nigeria Customs Service     Forgo Battery     Quareeb Islamic Association     Dauda Adeniran Adeshola     Mope Dasuki Belgore     Elerinjare     Talaka Parapo     Ilorin Water Reticulation     Olohungbebe     Shuaibu Yaman     Turaki     Timothy Olatunde Fadipe     Mufutau Gbadamosi Esuwoye     Moshood Kashimawo Abiola     Oba Mogaji Abdulkadir     Aasiyat Bello Oyedepo     Kolade Solagberu     Lanre Badmus     IHS     Lithium     Ilesha-Baruba     Mohammed Abdulahi     Haruna Olawale Sulaiman     Abdulkadir Remi Hawawu     Sebastine Obasi     Hydroelectric Power Producing Areas Development Commission     Mamman Saba Jibril     Markaz Arabic And Islamic Training Institute, Agege     Sa\'adu Gambari     Oloriegbe     Afetu Of Alabe     Bello Bature     Kola Shittu     Sarkin Malamai     ASKOMP     Oja-Oba     Ramadan     Valsolar     IHS Towers     Oba Abdulrahim     Tanke Flyover Bridge     Isiaka Yusuf     UITH     Omar Bolaji Gambari     Abdullahi Imam Abdullahi     Mahe Abdulkadir     Kwara State Television     Hameed Oladipupo Ali     Moshood Bakare     NIPOGA     International Public Sector Accounting Standards     Bola Shagaya     Theophilus Oyebiyi     Abdulrazaq Aiyelabegan     Laduba     Abdulhakeem Amao     Bayo Mohammed Onimode     Plat Technologies     Pius Abioje     Lanre Aremu     Joshua Adeyemi Adimula     Earlyon Technologies     Kwara     Ope Saraki     Olumide Daniel Ibitoye     Issa Oloruntogun     MMWG     Tinubu Legacy Forum     Park     Oyeyemi Olasumbo Florence     Ilorin Talaka Parapo     Firdaos Amasa     High Court     Durbar    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Fatai Garuba Labaka     Awili Pedro     Ayobami Akanbi     Saadu Alanamu     SSA Youth     Wahab Olasupo Egbewole     Durosinlohun Atiku     Abdulganiyu Salahudeen     Oloye     Lateef Ademola Olatunji     Waheed Ibrahim     COVID-19 Palliatives     IEDPU     Elections     Umar Saro     Aishat Sulu-Gambari     Agboola Babatunde     Funmi Salau     Alore     Kwara 2019     Garment Factory     Harmony Holdings     Offorjama     COEASU     Abdulraufu Mustapha     Ilorin Muslim Community     David Oyedepo     BECE     Titus Ashaolu     Ilorin     Chief Imam Of Offa     Kupchi Hosea Maxwell     NURTW     Kwara State Coalition Of Business And Professional Associations     Abdulrahman Abdulrasaq     Kwara State Printing And Publishing Corporation     Olaitan Buraimoh     Sadiq Buhari     Ibrahim Oniye     Nurudeen Muhammed     Pategi     Shehu Alimi Foundation For Peace And Development     Earlyon Technologies     Oke-Ero     Valsolar-Kwara Company Limited     Saka Keji     George Funsho Adebayo     Idris Amosa Oladipo Saidu     Magaji Erubu     Olawuyi     International Aviation College     Abdulmumin Yinka Ajia     Muslim Media Watch Group Of Nigeria     Ahmed Idris Mohammed     JUSUN     Idi-Ape     IsDB     Just Event Online     Tunde Saad     Ishola Balogun Fulani     Yusuf Abdulwahab     Maimunat Oloriegbe     Toyosi Thomas     Abdullahi G. Mohammad     Damilola Yusuf Adelodun     General Tunde Idiagbon International Airport Ilorin     Raliat AbdulRazaq     Abdulmalik Bashir Mopelola Risikatullahi     Rapheal Ashaolu     Alaaya     Dairo Kunle Paul     Oasis Muslim Care Foundation     Atiku Abubakar     Muslim Cementary     Isiaka Alikinla     Ethical College     Eghe Igbinehin