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.

IsDB     Yashikira     Gabriel Fashanu     Sadiq Buhari     Ile Arugbo     Sheriff Olanrewaju     Doyin Awoyale     AbdulRasaq Abdulmajeed Alaro     Prince Mahe Abdulkadir     Kisra     Countryside Emerging Leaders Fellowship     Adegoke Bamidele     Borgu     COEASU     Abdulrazaq Akorede     Kwara 2015     Durosinlohun Kawu     Ibrahim Agboola Gambari     March 18     Islamic Development Bank     Ahman Pategi University     Henry Olaosebikan     Gbemisola Oguntimehin     Jimoh Lambe Abdulkareem     Kwara Liberation Group     Kwara State University Of Education     Musa Aibinu     New Model Police Station     Yoonus Lawal     Adekunle David Dunmade     Kaosarah Adeyi     Rachael Obisesan     Bio Ibrahim     Khadijat Ayoola Yusuf     Hamza Usman     IEDPU     Gafaru Olayiwola Olorisade     Ibrahim Jawondo     Ado Bayero     KFA     Col. Taiwo     Abdulmumini Sanni Jawondo     Ganmo     Abdul Jimoh Mohammed     Salihu S. Yaru     Alfa Yahaya Road     Amos Sayo     Abdulmalik Bashir Mopelola Risikatullahi     Isaac Gbenle     Jimoh Bashir     Offa Metropolitan Club     Kwara State Council Of Chiefs     Kwara State Geographic Information Service     Tunji Olawuyi     Usman Alkali Baba     Haashim Initiative For Community Advancement     Olabanji Orilonishe     Arik     Egbejila     Ilorin Like-Minds     Code Of Conduct Tribunal     Olabode George Towoju     Waziri Yakubu Gobir     Charles Ibitoye     Sheikh Alimi     Yusuf Amuda Gobir     Bankole Omishore     S.O. Opowoye     Owo Arugbo     Yeketi     John Mayokun Dada     Democracy Day     Flights To Ilorin     A.O. Belgore     Centre For Digital Economy     Moses Adekanye     Razaq Atunwa    

Cloud Tag: What's trending

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

Funmi Salau     Iyabo Adisa Ibiyeye     African Democratic Congress     Muritala Awodun     Kwara Consultative Forum     Inside Kwara     Oke Sunna     Federal College Of Education (Special), Afon     Samuel Adaramola     Oba Abdulrahim     Ishaq Abdulkarim     Zara Umar     Kwara State Fire Service     Ahmad Ali     Kawu     Maimunat Oniyangi     Iyaloja-General     Charles Ibitoye     Gani Saadu     Kwarareports.com     Ilorin South     Abubakar Baba     KwaraLearn     Abatemi Usman     Muhammad Ghali Alaaya     Firdaos Amasa     Jelili Yusuf     Medview Airlines     Omar Bolaji Gambari     Saliu Mustapha     M.Y. Abdulrahaman     Air Peace     Ibrahim Taiwo Road     Moji Makanjuola     Olusin Of Ijara Isin     Sanusi Abubakar     Fareedah Dankaka     Code Of Conduct     Obayomi Azeez     Moronfoye     Christopher Odetunde     Oro Grammar School Old Students Association     Pius Abioje     Babatunde Ajeigbe     Aminu Adisa Logun     Baba Issa Awoye     Aminat Omodara     Saka Saadu     Dan Masanin     Muhammadu Buhari     Ilorin Amusement Park     Suleiman Mora Omar     Ndakene     Olomu     Alabi Olayemi Abdulrazak     Okin High School     Alabi Lawal     Sidikat Alaya     Yahaya A Paniyaro     IYA ALFA NLA     Minister     Onilu     Danladi     Sulyman Atolagbe Alege     National Union Of Road Transport Workers     Al-Hikmah University     Atiku Abubakar     Doyin Awoyale     Ojo Isekuse     Abdullahi G. Mohammad     Sulaiman Gado     ITEM 7     Isin     Dan-Kazeem     Asiwaju Bola Tinubu     Egbewole     Mohammed Halidu