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.

KWASIEC     George Funsho Adebayo     Funmilayo Zubair     Umar Gunu     Oniye     Abiodun Musa Aibinu     KSIRS     Ilorin South     Kayode Ishola     Olatunji Bamgbola     HYPPADEC     Sa\'adu Salahu     Sheikh Hamzat Yusuf Ariyibi     Freshvine Nigeria Limited     Kayode Alabi     Emmanuel Olatunji Adesoye     Hussein Oloyede     Funmilayo Oniwa     Isiaka Rafiu Mope     Sabi     Orisa Bridge     New Model Police Station     Pacify Labs     Muhammed Mahe Abdulkadir     Idris Garba     Just Event Online     Kazeem Gbolagade     Communication Network Support Services     Alaiye     Siraj Oyewale     Abdulganiyu Salahudeen     Olatunji Ayeni     Naira Redesign     08001000100     Wahab Olasupo Egbewole     Rashidi Yekini     Yoonus Lawal     Elerin Of Adanla Irese     Durbar Festival     Agor     Okin Biscuit     Sambo Murtala     AGM Professional Services     Esinrogunjo     Temi Kolawole     Bamidele Adegoke Oladimeji     Yusuf Arowosaye     TIC     Jamiu Oyawoye     Moshood Mustapha     Ahmad Ali     A.O. Belgore     AbdulQowiy Olododo     Aliyu Olatunji Ajanaku     Yekeen Alabi     Binta Sulyman     Mutawalle     Aasiyat Bello Oyedepo     Shururat Olatinwo     Folaranmi Aro     Kwara State Council Of Chiefs     Chemiroy Nigeria Limited     Kwara State Fire Service     Jaigbade Alao     Igosun     Wahab Issa     Jimoh Akani     TIIDELab     Modibbo Kawu     Kannike     Hassan Saliu     Bamikole Omishore     Christopher Ayeni     Abdullahi Saadudeen Alikinla     General Hospital     Abdulrahman Abdulrasak     Abdulwahab Ololele    

Cloud Tag: What's trending

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

Geri-Alimi Split Diamond Interchange     Mohammed Abduraheem     Esinniobiwa Quareeb     Sa\'adu Gambari     Mazars Consulting     Salman Suleiman     Bankole Omisore     Lanre Olosunde     SSA Youth Engagement     Ahmed Dankaya     Modibo Kawu     Neuropsychiatric Hospital     Maigidasanma     Kwara Poly     General Hospital, Ilorin     Femi Ogunsola     Sardauna     Okin Biscuit     All Peoples Party     Senior Ibrahim Suleiman     Principal Private Secretary     Reuben Paraje     Federal Road Maintenance Agency     Rotimi Oyedepo     Vasolar Consortium     Muhammad Akande Olarewaju Odunade     GAMA     Academic Staff Union Of Universities     Convocation Ceremonies     Magaji Are     Oyeyemi Olasumbo Florence     Yekini Adio     Irepodun     Abubakar Usman Jos     Balogin Alanamu     Lawal Arinola Kudirat     Idiagbon     TESCOM     Garuba Alikinla Shittu     Maimunat Oloriegbe     Monkey Pox     Lafiagi     Jebba     Sherif Sagaya     Saliu Ajibola Ajia     Saka Balikis Kehinde     Musa Aibinu     Issa Baba     Ayedun     Bio Ibrahim     Abiodun Abdulkareem     PAACO-PCL Consortium     Halidu Danbaba     Abdulhakeem Amao     Biliaminu Aliu     SWAN     Ishola Balogun Fulani     Muhammad Mustapha Suleiman     Laolu Saraki     Kolade Solagberu     Awwal Jawondo     Kayode Zubair     Nigeria Computer Society     Ajase-Ipo     Idris Amosa Oladipo Saidu     Peter Amogbonjaye     Toyin Abdullahi     Chief Of Staff     Henry Makinwa     QuickWin     Toun Okewale-Sonaiya     Lanre Badmus     Idi-Ape     Monthly Sanitation     Oja-Oba     Sheikh Hamzat Yusuf Ariyibi     Tafida Of Kaiama