Court sends 3 BDC operators to prison, orders forfeiture of sums recovered from them
Three bureau de change (BDC) operators have been sent to prison by a Federal High Court in Ilorin for dealing in foreign exchange (forex) without a licence.
Mustapha Idris, Hassan Bala, and Ajayi Ernest Isaac – all from Chikanda, Baruten Council in Kwara – were convicted and sentenced by Judge Olukayode Ariwoola.
They were prosecuted by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on separate charges that read in part:
“That you, Mustapha Idris, sometime in July 2024, within the jurisdiction of the Federal High Court, did carry on the business of other financial institutions, to wit: bureau de change, without a valid licence issued by the Central Bank of Nigeria, and thereby committed an offence contrary to Section 57 (1) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57 (5) (b) of the same Act.”
“That you, Hassan Bala, sometime in July 2024, within the judicial division of the Federal High Court, were found to be carrying on the business of other financial institutions, to wit: bureau de change, without a valid licence issued by the Central Bank of Nigeria, and thereby committed an offence contrary to Section 57 (1) and (2) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57 (5) (b) of the same Act.”
They all pleaded guilty to the charges.
Prosecution counsel Sesan Ola and Andrew Akoja called witnesses, tendered the extra-judicial statements of the defendants, and presented the different currencies recovered from them at the point of arrest.
The prosecutors urged the court to convict and sentence them as charged.
The Judge convicted and sentenced Idris to 250 hours of community service without the option of a fine and ordered that CFA33,000 and N323,000 recovered from him at the point of arrest be forfeited to the federal government.
Bala was sentenced to six months’ imprisonment or a fine of N200,000 and also ordered to be forfeited to the federal government CFA677,500 and N881,900 recovered from him.
Isaac got six months’ imprisonment or a fine of N500,000 and an order of the forfeiture of $31 recovered from him to the federal government.
– Daily Post.
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