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.

SSA Youth     Afeyin-Olukuta     Osuwa     Ahmad Fatima Bisola     Al-Adaby     Umar Adelodun     TIIDELab     Curfew     Lateef Fagbemi     Ayo Opadokun     Elerinjare-Ibobo     Joseph Alex Offorjama     Ali Ahmad     Hamidat Sulyman-Yusuf     Economic And Financial Crimes Commission     Ahmed Saidu Rufai     Radio Kwara     Saka Onimago     KWSUED     Gbadeyan Gbadura Yomi     Mashood Abdulrafiu Agboola     Plat Technologies     Omoniyi M. Ayinla     Funmilayo Isiaka Oniwa     Col. Adedipe     Omoniyi Ayinla     Marafan Shonga     John Obuh     Gbenga Adebayo     Abiodun Jacob Ajiboye     Offa Poly     Mike Omotosho     Ramadan     Osi     Islamiya Abdulraheem     Bashir Adigun     Baba Issa Awoye     Ahmed     Abdul Jimoh Mohammed     Ethical College     Kola Bukoye     Abioye Bello     Ejidongari     Madawaki Of Ilorin     Lanre Badmas     Junior Secondary School Certificate Examinations     Yusuf Babatunde Abdulwahab     Haliru Yahaya     Nurudeen Muhammed     Post-utme     Abatemi Usman     NITDA     Oba Sulaiman Asude     Kulende     Laolu Saraki     Ibrahim Gambari     Haliru Dantoro     Manzuma     Alfa Belgore     Minister     Abubakar B.M     Mutawali     Kawu     Tunji Moronfoye     General Tunde Idiagbon International Airport     Oniye     Lasiele Alabi Yahaya     Onilu     Royal FM     Olatunji Ayeni     Halimat Yusuf     Aishatu Ahmed Gobir     Ohoro Of Shao     Maimunat Oniyangi     IESA     Yahaya Dumoye     Funmi Salau    

Cloud Tag: What's trending

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

Sheikh Ariyibi     Ahmad Lawan     Sobi FM     Dunmade     Ophthalmological Society Of Nigeria     Halimah Perogi     Elese Of Igbaja     Ibrahim Oloriegbe     AbdulHakeem Ajibola Akanbi     Sobi Hill     Suleiman Rotimi Iliasu     Adebayo Salami     Alliance For Democracy     Oyin-Zubair     Monkey Pox     Babaloja-General     KWACOBPA     CKNG     Sardauna     Azeez Bello     Wakilin Mata Lafiagi     Ojo Isekuse     Bashirat Bola Bello     Donatus Ejidike     SUBEB     Jimba Babatunde     Abdulrosheed Okiki     Aliyu Muhammed     Radio SBS     Isiaka Oniwa     Mufti Of Ilorin     Quarry Royal Valley     Abubakar Imam     Dagbalodo     Toyin Abdullahi     Omoniyi M. Ayinla     Toyin Saraki     Mohammed Haruna     Bayo Lawal     Valsolar     Kamaldeen Gambari     Plat Technologies Limited     Kwara State Health Insurance Agency     Shuaibu Yaman Abdullahi     Abubakar Baba     Kwara State Infrastructure Development Fund     Abdulwahab Olarewaju Issa     CCT     Amusa Bello     Yusuf Amuda Gobir     Pacify Labs     Abdulmumin Yinka Ajia     Rasaq Jimoh     FERMA     Student Learning Support Helpline     Mohammed Yisa     Roseline Oni Aremu     Ayo Salami     Kwara State Internal Revenue Service     Oba Sulaiman Asude     Samuel Olusegun Adedayo     Ubandoma Of Ilorin     Baboko Primary School     Asa     Kwara State Printing And Publishing Corporation     Ali Ahmad     Shaykh Luqman Jimoh     Danladi     Yahaya A Paniyaro     Mohammed Lawal     Yahaya Abdulkareem Babaita     Aasiyat Bello Oyedepo     Dankaka     New Naira Notes     Garba Ado Sanni     Ahmed Bolaji Nagode     Kwara United