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.

Micheal Imoudu     Isiaka Yusuf     Saduki Lafiagi     Albert Ogunsola     TETFUND     National Party Of Nigeria     Muhammad Sirajo Aliyu     Trade Lenda SME Fair     Ilorin Emirate Staff Association     Nurudeen Muhammed     Quareeb     Olufolake Abdulrazaq     Maigida     2023 Elections     Yahaya Dumoye     Mashood Dauda     Haashim Initiative For Community Advancement     Danladi     Olukotun Of Ikotun     Kwara State Polytechnic     Ambassador Kayode Laro     Bank Of Industry     KWASEIC     Imam Gambari     Afolabi-Oshatimehin Adenike Harriet     United Nigeria Airline     Elese Of Igbaja     Oba Abdulrahim     Alaaya     Harmony Holdings     Kwara State Fish Farmers Association     Sanitation Exercise     Oniyangi Kunle Sulaiman     Ilesha-Baruba-Gwanara     Abdulrahman Abdulrazaq     Durbar     IFK     Emir Of Kano     Niguel Gallando Marcias     Yusuf Abdulkadir     Kwara State Coalition Of Business And Professional Associations     Olaiya Victor Mobolaji     Yahaya Oloriegbe     Samuel Olusegun Adedayo     Yusuf Babatunde Abdulwahab     NAWOJ     NITDA     Idris Amosa Oladipo Saidu     Jare Olatundun     Hikmah AbdulKareem     Mohammed Tunde-Jimoh     Moshood Bakare     Abdullahi Saadudeen Alikinla     Surajudeen Akanbi     Makama Of Kaiama     Lola Ashiru     TIC     Ghali Alaaya     Bahago     Mamman Saba Jibril     Jaigbade Alao     College Of Arabic And Islamic Legal Studies     Kwara Basketball Association     Lawan     Olanrewju Okanlawon Musa     Rafiu Ajakaye     Nupe     Air Peace     Labaeka     Senate President     Salmon Babatunde Salmon     Lanre Issa Onilu     Tunji Folami     Afolayan     AbdulRaheem Ahmad Shayi     Abdulquawiy Olododo     Tafidan Kaiama    

Cloud Tag: What's trending

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

Umar Sanda Yusuf     Bayer AG     Al-Hikmah University     Kwara-SAPZ Project     Oloje     Rabiu Kwankwaso     Yinka Aluko     David Oyedepo     Moshood Mustapha     Sodiya     Gbugbu International Market     Ahmed \'Lateef     ENetSuD     AGILE Programme     Ajike People Support Centre     Umar Gunu     Bola Shagaya     Tunde Kazeem     Assayomo     Raliat AbdulRazaq     Abdulganiyu Salahudeen     VADA     Olatunde Michaels     Kwha.gov.ng     Mohammed Yahaya Barki     Ayobami Seriki     Olabimpe Olani     Yoruba     JAMB     March 18     Emmanuel Bello     Share     Garment Factory     Olufolake Abdulrazaq     Bolaji Gambari     College Of Health     Emir Of Ilorin     Ibrahim Orire     Timothy Olatunde Fadipe     Adaramaja     Apaola     Issa Oloruntogun     Moshood Kashimawo Abiola     Tunde Akanbi     Maryam Ado Bayero     Afolasade Opeyemi Kemi     CCB     Idris Amosa Saidu     Bola Olukoju     Dorcas Afeniforo     State Bureau Of Internal Revenue     Irepodun     Sunday Popo-Ola     Federal Road Maintenance Agency     Sola Saraki Educational Foundation     Abdullahi Samari     Abdulrahman Abdulrasaq     Kwara Teaching Service Commission     Yemi Osinbajo     Olayinka Jelili Yusuf     Micheal Imodu-Ganmo Road     IESA     Prince Mahe Abdulkadir     Ibrahim Issa Jetti     Salmon Babatunde Salmon     Taibat Ayinke Ahmed     Abdullah Janet Amudat     Tinubu Legacy Forum     Offa     Gambari     Share-Tsaragi     Kwara University Of Education     Ibrahim Abduquadri Abikan     Kamaldeen Ajibade     Ajeigbe     Yusuf Ali     Ibrahim Abdulqadir Abikan