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.

Wahab Isa     Saidu Yaro Musa     Tayo Awodiji     Henry Makinwa     Kayode Bankole     Nigerian Supreme Council For Islamic Affairs     Mustapha Olanipekun     Wale Oladepo     Emir Of Kano     Iyabo Adisa Ibiyeye     Local Government     Ramat Oganija     Adewuyi Funmilayo     Saheed Alakoso     Olawuyi     Bio Ibrahim     Irepodun     Nigerian Correctional Service     Afusat Nike Ibrahim     Alaro     Asiwaju Bola Tinubu     CACOVID Palliatives     Elections     Abubakar Baba     Shagari     Royal FM     Abdulahi Abubakar Bata     Ahman Pategi University     Emmanuel Olatunji Adesoye     NIPR     Kayode Zubair     Shola Odetundun     Ahmad Belgore     MAI Akande     Kemi Adeosun     David Oyerinola Adedunmoye     Durosinlohun Atiku     Lotus Bank     Saliu Alamoyo     Grillo     Kwara State Coalition Of Business And Professional Associations     Habeeb Saidu     Abraham Ojo     Kupchi Hosea Maxwell     Elerin Of Adanla     Olanrewju Okanlawon Musa     Folorunsho Erubu     Asa LGEA School     Esuwoye     Ajakaye     Abdulquawiy Olododo     Ishak Mohammed Sabi     Rebecca Bake     Olaitan Buraimoh     Erubu     KWASIEC     AbdulFatai Adeniyi Dan-Kazeem     Kwara United     Sheriff Olanrewaju     Azeez Bello     Abdulrazak Shehu Akorede     Ilorin Emirate Stakeholders Forum     Tinubu Legacy Forum     Amasa     International Public Sector Accounting Standards     Jawondo     Yemi Osinbajo     Belgore     Laduba     Yoruba     Ganmo Electricity Sub-Station     Aisha Ahman Pategi     Oba Of Jebba     Abdulquowiyu Olododo     Kola Shittu     Shuaib Boni Aliyu     Ibrahim Labaika    

Cloud Tag: What's trending

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

Ita-Ore     FOMWAN     Olusegun Adeniyi     Coalition Of Kwara North Groups     Emir Of Lafiagi     SAPZ Project     Oloruntoyosi Thomas     First Lady     N-Power     Garba Ayodele Wahab     REO CAKES     Bahago     Bello Abubakar     Kwara South     Iyabo Adisa Ibiyeye     Mohammed Alabi Lawal     Abdullateef Abdussalam     National Party Of Nigeria     CKNG     Kola Shittu     Olufolake Abdulrazaq     Forgo Battery Company Limited     Erubu     Abubakar Abdulraheem     Lukman Oyebanji Fagbemi     Oloye     Ibikunle Ogunleye     Abdulhakeem Adelaja Amao     Ilorin East     Olayinka Are     Dankaka     Inside Kwara     Sulaiman Gado     Kwara State Coalition Of Business And Professional Associations     2017 Budget     Ayo Opadokun     Federal Road Maintenance Agency     UTME     Sai Kayi     Cassava Growers\' Association     Societe Generale Bank Of Nigeria     Fatimat Saliu     Hassan Oyeleke     Bashir Adigun     International Aviation College     Ramadan     Yusuf Olaolu Ali     Matthew Babaoye     Kumbi Titiloye     Unilorin FM     Ubandawaki     Lawal Olohungbebe     CUTI     Najim Yaasin     Countryside Emerging Leaders Fellowship     School Of Nursing     National Information Technology Development Agency     All Peoples Party     Apata Ajele Secondary School     Samuel Adaramola     Sarafadeen Kayode Akorede     Jamiu Oyawoye     IYA ALFA NLA     Eleyele     Mohammed Katsina Ahmed     A.O. Belgore     Fatimoh Lawal     RTEAN     Shagari     Bola Iyabo Ibiyeye Adisa     VADA     Mope Dasuki Belgore     Damilola Yusuf Adelodun     Shehu Adaramaja     Alfa Belgore     Maryam A. Garuba     Hussein Oloyede