Court jails three to 6 months imprisonment or N150k fine each, over illegal deal in FX
By Jude-Ken Ojinnaka
Three young men Abdulahi Musa, Liman Makki and Dauda Hussaini were on Friday June 28, convicted and sentenced to six months Imprisonment or option of N150,000.00 fine each by a Federal High Court sitting in Lagos.
The trio were arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Chukwujekwu Aneke on separate charges preferred against each of them bordering on illegal engagement in foreign exchange transactions at various areas of Lagos State.
When each of the defendants was called for arraignment, H.U Kofarnaisa announced appearance for the prosecution, Nafisa Abdullahi appeared as defence counsel to Musa and Makki, while B.A. Omoteno was defence counsel to Hussaini.
Whereas Abdulahi Musa was arraigned on Charge marked FHC/L/366c/24, Liman Makki was arraigned on Charge marked FHC/L/414c/24 while Dauda Hussaini was arraigned on Charge marked FHC/ L /417c/24.
According to the charge as filed by EFCC, Musa operated and was arrested around Eko Hotels Victoria Island, Makki operated and was arrested around CMS area of Lagos while Hussaini operated and was arrested around Ojodu Berger area of Lagos State.
READ ALSO: CBN confirms Nigeria’s external reserve surged to $34.07bn
Each of them was alleged to have on May 11, 2024 on the aforementioned areas of Lagos State, within the jurisdiction of the Federal High Court, engaged in illegal foreign exchange transactions other than through the official foreign exchange market and thereby committed offence contrary to Section 11(1)(a) of the National Economic Intelligence Committee Establishment (ETC) Act, 1994 and punishable under Section 11(2)of the same Act.
Each pleaded guilty to the charge and was convicted after the review of facts by the prosecution who called three witnesses.
Their separate extra judicial statements, USD $600 recovered from Musa and N300,000 recovered from Makki were tendered as evidence and admitted as exhibits.
Pleading on behalf of the convicts, defence counsels pleaded with the court to tamper justice with mercy and give the defendants non custodial sentence or option of fine .
They added that the convicts pleaded guilty without wasting the time of the court. They told the court that the convicts have learnt their lesson and will not be involved in such illegal act again.
Sentencing each of them, Justice Aneke said that he has listened to the plea of the convicts who did not waste the time of the court, the evidence tendered before the court, also listened to allocutus of defence counsel to tamper justice with mercy.
“I am inclined to tamper justice with mercy, however, I am not unmindful of the harm the illegal dealing in foreign exchange by the convicts and their cohorts have wrecked on the nation’s economic wellbeing and its people.
Consequently, the court sentenced each of the convicts to Six months imprisonment with effect from May 11, 2024 or N150,000 option of fine.
In addition, each of the convicts to serve 100 hours community service.
“The sums of USD$ 600 and N300,000 recovered from the convicts should be paid into the Federal Government consolidated account.” the court held.