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.

Jimoh Saadudeen Muhammed     Sidikat Alaya     Oba Of Jebba     Kwara NIPR     Jimba Babatunde     Yahaya Oloriegbe     Ayobami Akanbi     Quareeb Islamic Association     Jimoh Bashir     Benin Republic     Falokun-Oja     Colleges Of Education Academic Staff Union     Pacify Labs     Shehu Jimoh     Balikis Jawondo     Sun Qing Rong     Ogidi-Oloje     Abdulmumin Yinka Ajia     Oke-Ero     FOMWAN     Rafiu Ibrahim     Adolescent Girls Initiative For Learning And Empowerment     Ajike People Support Centre     Forgo Battery     Charles Ibitoye     Sabitiyu Grillo     Abubakar Suleiman     IPSAS     Bolaji Aladie     V.O. Abioye     Folorunsho Alao     Saraki     ARMTI     Dasuki Belgore     Umar Ayinla Saro     Raheem Adaramaja     Mohammed Tunde-Jimoh     Bello Taoheed Abubakar     Lanre Jimoh     Moremi High School     Suleiman Rotimi Iliasu     Hijab     Katibi Ibraheem Adeola     School Of Nursing     Sambo Murtala     ASUU     Ilorin Curfew     New Naira Notes     Raymond Olaitan     Obasanjo     Adedayo Yusuf Abdulkareem     Haliru Yahaya     Lanre Aremu     Dunmade     Prince Bola Ajibola     Ebola     Omoniyi Ayinla     Majlis For Sadakah, Zakat And Waqf     AIT Ilorin     AGF Abdulrazaq     AbdulRazaq AbduMajeed Alaro     Opobiyi     Monsurat Omotosho     Facemasks     Onikijipa     Imam Gambari     Paul Olawoore     CKNG     Flights To Ilorin     AbdulGaniyu Kareem     Ganmo Power Sub-Station     Bankole Omisore     Principal Private Secretary     Igosun     Muhammad Toyin Sanusi     College Of Education     SAPZ Project    

Cloud Tag: What's trending

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

All Peoples Party     Olatunde Michaels     Raji AbdulRasaq     Offa     Amule Elementary School     National Party Of Nigeria     Dogara     NIRSAL     Modibo Kawu     Jamiu Oyawoye     Eleja Taiwo Banu     Quareeb     Ilorin.Info     Joseph Yemi Ajayi     Yashikira     Ubandoma     Yaru     Muslim Stakeholders Of Kwara State     CUTI     Ayo Opadokun     Towobola Abdulrahman Toyin     C2c@kwarastate.gov.ng     Yahaya Abdulkareem Babaita     Anilelerin     Jimoh Akani     Oniwa     Abdulrasheed Na\'Allah     Muyiwa Oladipo Kanu     Ayo Adeyemi     Shuaib Jawondo     Abegunde Goke     Abdulrahman Abdulrazak     Mahmud Babatunde Baker     All Confederation Of Principals Of Secondary Schools     Neo Mundo Ltd     Ben Duntoye     Abdulkadir Jimoh     New Model Police Station     CACOVID Palliatives     Moremi High School     Tafida Of Kaiama     Abubakar B.M     Esuwoye     Kannike     Adekunle David Dunmade     Bola Olukoju     COVID-19 Palliatives     Sidikat Uthman Ajibola     Yakub Ali-Agan     Omu Aran     Razak Atunwa     Yahaya Seriki Gambari     Muhammed Taofeeq Abdulrazaq     Jimoh Saadudeen Muhammed     Fola Consultant     Kwara TV     Elelu     Funmilayo Zubair     Aliyu Kora-Sabi     Kwara Volleyball Association     PPS     Micheal Imoudu     Dairo Kunle Paul     Nurudeen Muhammed     Mohammed Abduraheem     Kwara State Health Insurance Agency     Shehu Adaramaja     David Oyerinola Adedunmoye     Oba Mogaji Abdulkadir     Yoonus Kola Olatinwo     Senior Staff Union Of Colleges Of Education     Shade Omoniyi     Ilorin Emirate     Kwara NIPR     Ahmed Dankaya     Kpotum Mohammed Baba     Salman Suleiman