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.
Shettima Abdulfatai Baakini Ilorin South Constituency Borgu Kanu Agabi Ahmed Ayinla Jimoh Muyiwa Oladipo Kanu Abiodun Jacob Ajiboye Offa Poly Garuba Alikinla Shittu Sarakite George Funsho Adebayo Ministry Of Women Affairs And Social Development Abdulmutalib Shittu Bisi Kristien Abatemi-Usman Omu Aran Suleiman Abubakar Imodoye Writer’s Enclave Vasolar-Kwara Company Ltd Dele Momodu Peter Obi Abdulwahab Olarewaju Issa Just Law Forum Facebook Edu Joseph Daudu IHS Towers Oluwarotimi Boluwatife Adenike Code Of Conduct Muhammadu Gobir Oba Sulaiman Asude Olugbense Rotimi Oyedepo Javed Khan Plat Technologies Limited Aminat Omodara Isaac Gbenle Cassava Growers\' Association Kwara 2015 Abdulmumin Yinka Ajia National Association Of Nigerian Students Ita-Ore Emir Of Yashikira Abdulrazaq Magaji Bamidele Adegoke Oladimeji Ibrahim Bio Kwara State Fire Service Moses Adekanye Ridwan Agboola HAMFAT Clinic And Maternity CUTI Popo-Igbonna Apado Flights To Ilorin Ibrahim Taiwo Nigerian Army Bolaji Nagode Royal FM Rasaq Jimoh Aliyu Alhassan Lithium Deposit Sarkin Malamai Adam Abdullahi Al-Ilory Bahago Monkey Pox National Broadcasting Commission Towoju Omoniyi M. Ayinla Salihu Jibril Garbi Seed Technologies Sheikh Alimi Ndama Al-hassan Ahmad Belgore Nigerian Correctional Service Abatemi Usman Aisha Ahman Pategi

