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.

KWASSIP     Abdulazeez Uthman     Yahya Mohammed     Gbenga Adebayo     Al-Hikmah University     Bashir Badawi     Bayo Onimago     United Nigeria Airline     Wahab Femi Agbaje     Halimat Yusuf     Ayeyemi Sulaiman     Hassan Taiye Salam     Alabi Lawal     Kwha.gov.ng     Salihu Jibril Garbi     Kassim Babamale     Olam Food Ingredients     Kola Shittu     Summit University     Lithium Deposit     Saka Asiat Ayinke     Iyeru Grammar School     Jawondo     Odo-Owa     Ishola Abdullahi     Akanbi-Oke     Mahee Abdulkadir     CT Ayeni     Ishaq Oloyede     Kwara State Governor     Sheikh Ridhwanullah     Post-utme     Olatunji Abdulmumeen     Mohammed Yisa     AbdulRauf Keji     11th Galadima     Orisa Bridge     Ahmad Fatima Bisola     Durbar Festival     Mohammed Alabi Lawal     Kwara State University Of Education     Yakubu Dogara     Idowu Aremu     Musbau A. Akanji     Tope Daramola     Femtech     Abdulganiyu Oladosu     Abdulquawiy Olododo     Saadu Yusuf     Nigeria Customs Service     Sadiq Umar     Ilorin West/Asa Federal Constituency     Junior Secondary School Certificate Examinations     Abubakar Bature Sulu-Gambari     Ilorin Water Reticulation     Kwara State Geographic Information Service     Nurudeen Mohammed     Raheem Adaramaja     Vasolar Consortium     Maimunat Oloriegbe     Matthew Okedare     Busari Toyin Isiaka     Hussein Oloyede     Saudat Abdulbaqi     Royal FM     T And K FOODS     Bisi Oyeleke     Mohammed Ibrahim     Kale Bayero     ITEM 7     Kwara Metro Park     SAPZ Project     Kwabes     Elerinjare     Rotimi Samuel Olujide     Coalition Of Kwara North Groups     Kannike    

Cloud Tag: What's trending

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

Garba Dogo     Ilorin Central Mosque     Mansurat Amuda-Kannike     Oba Mogaji Abdulkadir     Rebecca Bake     Akeem Lawal     Odogun Olushola Gabriel     Sun Qing Rong     Umar Saro     Kwha.gov.ng     Okin Biscuits     Suwa-Arabs     Abdullahi Imam Abdullahi     Ayodele Kuburat Olaosebikan     Barakat Community Secondary School     Sobi FM     Illyasu Abdullahi     Onilupeju Of Ilupeju     Iyiola Oyedepo     NFAI     Kwara Restoration Project     Idowu Laro     Muhammed Taofeeq Abdulrazaq     ASMAU PLAZA     Abdulrahman Onikijipa     Kwara Hotel     Muslim Media Watch Group Of Nigeria     Umar Danladi Shero     Yomi Ogunsola     AIT Ilorin     Raji AbdulRasaq     Olayinka Oladapo Jogunola     Ahman Pategi     Ilorin Curfew     Ahmad Belgore     Babatunde Ishola Babaita     Aliyu Muyideen     Muhammad-Mustapha Suleiman     Yusuf Abdulwahab     Salihu Alhaji Musa     Share     Saliu Mustapha     Facebook     Tescom.kwarastate.gov.ng     Aminat Ahmed     Bello Oyebanji     Afin Descendants Union Of Odo-Owa     International Aviation College     Kwara Primary Health Care Development Agency     Monsurat Omotosho     Moshood Bakare     Third Estate     Yusuf Amuda Gobir     Nigeria Governors\' Forum     Wakilin Mata Lafiagi     Abdulahi Abubakar Bata     Code Of Conduct     Omoniyi     Musbau A. Akanji     Sambo Murtala     Ibrahim Taiwo     Sadiq Buhari     Olayinka Are     Bayo Onimago     NULGE     Kwara Polytechnic     Aminu Adisa Logun     All Peoples Party     Mary Kemi Adeosun     KWACOBPA     Boko Haram     Muhammad Ghali Alaaya     Jani Ibrahim     Dele Belgore     Abdulrazaq Solihudeen     Isiaka Abdulrazak     Nigeria Computer Society