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Justice Olukayode Ariwoola of the Federal High Court in Ilorin, Kwara State, has convicted and sentenced three bureau de change operators for operating without licenses.
According to a statement issued by the spokesman for the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), the convicts, Mustapha Idris, Hassan Bala, and Ajayi Ernest Isaac, all from Chikanda in Baruten Local Government Area, pleaded guilty to separate charges.
The charges against them stated that they carried on bureau de change businesses without valid licenses issued by the Central Bank of Nigeria, contrary to the Banks and other Financial Institutions Act, 2020.
The judge sentenced Idris to 250 hours of community service and ordered the forfeiture of Cfa33,000 and N323,000 recovered from him.
Bala was sentenced to six months imprisonment or a fine of N200,000, with the forfeiture of Cfa677,500 and N881,900. Isaac received six months imprisonment or a fine of N500,000, with the forfeiture of $31.
The Economic and Financial Crimes Commission (EFCC) prosecuted the case, emphasizing the importance of licensing and regulation in the financial sector.
Sola Rotimi
