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.

High Court     Umar Ahmed Gunu     Trader Moni     Ramadan     Nigerian Supreme Council For Islamic Affairs     Rueben Parejo     Buari Edun     Chief Imam Of Ilorin     Oko     Isaac Aderemi Kolawole     Raliat Elelu-Habeeb     JAAC     Abdullahi Saadudeen Alikinla     Risikat Lawal     Bello Bature     Mujtabah Bature     Talaka Parapo     Okedare     Owo Isowo     Saka Abimbola Isau     Mufti Of Ilorin     Balogun-Ojomu     John Olajide Adedipe     Oniye     Abdulrosheed Okiki     Ijakadi     SWAN     Tricycle Owners Association Of Nigeria     Ubandoma     Aminat Omodara     NULGE     Salake     Yusuf Ali     C2c@kwarastate.gov.ng     Kwara State Branch Of The National Library     Olumide Daniel Ibitoye     Samuel Adedoyin     Magaji Erubu     Turaki     ASMAU PLAZA     Ayegbeni     Tafida     Bayo Lawal     Baba Issa     Amos Bajeh     Bello Abubakar     Medview Airlines     Forgo Battery Company Limited     Olatunji Bamgbola     Charcoal     NSCIA     Abubakar B.M     Funmilayo Isiaka Oniwa     Hakeem Idris     Abdulrazaq Magaji     Sai Kayi     Idris Amosa Saidu     Illyasu Abdullahi     Orisun Igbomina     Modupe Oluwole     Abdulrahman Abdullahi Kayode     Awwal Jawondo     Amuda Aluko     Yakubu Mohammed Abdullahi     Razak Atunwa     Muhammad Sirajo Aliyu     Folorunsho Alao     Akande Idowu Ayoola Muhammed     Kwara Poly     UNILORIN Alumni     Kayode Zubair     Babaloja-General     International Aviation College     Fatai Adeniyi Garba     Yusuf Olaolu Ali     Christian Association Of Nigeria     Dairo Kunle Paul    

Cloud Tag: What's trending

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

Sa\'adu Gambari     Freshvine Nigeria Limited     Abdul-Rahoof Bello     Abubakar Abdulraheem     Bola Ahmed Tinubu     Afolabi-Oshatimehin     Esuwoye     Public Holiday     Idi-Ape     Balogun Ajikobi     Afolayan     Orisa Bridge     Sulaiman Gado     Sulu Gambari     Michael Imoudu National Institute For Labour Studies     Olam Food Ingredients     Bashirat Bola Bello     Yusuf Mubarak     Oni Adebayo     NYSC     Bolaji Gambari     Lawal Arinola Kudirat     Ilorin Emirate     Imodoye Writer’s Enclave     KWATMA     Sam Onile     Abdulrazaq Sanni     Kale Belgore     Afin Descendants Union Of Odo-Owa     Ilorin.Info     Shehu Adaramaja     Jumoke Gafar     Kwarareports.com     Alimi     Sardauna Of Ilorin     Akanbi-Oke     Kolade Solagberu     Vasolar Consultoria     Ayekale     Oba Abdulraheem     Timothy Akangbe     Abdulrahman Abdulrasak     Makama Of Ilorin     Budo-Egba     Dan-Kazeem     Senior Special Assistant On Student Affairs     Sa\'adu Salau     Halidu Danbaba     Guber Aspirant     Sanitation Exercise     Baba Issa Awoye     Jaigbade Alao     Alliance For Democracy     Fatai Garuba Labaka     Olawuyi     Harrison Osauwagboe     Ayodele Olaosebikan     AbdulRahman Saad     AbdulFatai Adeniyi Dan-Kazeem     Radio Kwara     Nnazua     Laolu Saraki     Shettima Of Ilorin     Yahaya Jibril Usman     James Kolo     Sadiq Buhari     Kwara South     2023 Elections     Mohammed Yisa     Folaranmi Aro     Aremu Bose Deborah     Babata     SARS     Moremi High School     Olatinwo     Hamidat Sulyman-Yusuf     Alabi Olayemi Abdulrazak