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.

David Adesina     Rabiu Kwankwaso     Olabode George Towoju     Tosin Saraki     General Tunde Idiagbon International Airport     Umaru Saro     Saka Asiat Ayinke     Ridwan Agboola     SSUCOEN     Garba Idris Ajia     Standard Organization Of Nigeria     Rihanat Ajia     Muhammed Danjuma     Lola Ashiru     Muslim Stakeholders Of Kwara State     Unicontinental Construction Company     Salake     Eghe Igbinehi     Roheemat Hammed     Yahaya Abdulkareem     Florence Saraki     Onilorin Of Ilorin     Kwara North     Kwara Coalition Of Business And Professional Associations     Ishola Abdullahi     Raliat Elelu-Habeeb     Kwara Pdp     Michael Nzekwe     Salihu Ajia     Kulende-UITH     Ahmed Idris Mohammed     Ophthalmological Society Of Nigeria     Sebastine Obasi     Ilorin Metro Park     Bello Oyebanji     Kanu Agabi     Nigerian Supreme Council For Islamic Affairs     Kolawole Akande     V.O. Abioye     Sayomi     Abdulrazak Shehu Akorede     Femi Oladiji     Apado     IHS Towers     Bamikole Omishore     Kwara Metro Park     Olatunde Jare     Ilorin Emirate Stakeholders Forum     George Funsho Adebayo     Muhammed Aliyu     Local Government Pension Board     Tunde Saad     Amosa     Col. Adedipe     Bluenile Associates     Isaac Aderemi Kolawole     Kola Adesina     Oni Adebayo     Ilorin South Constituency     Hameed Oladipupo Ali     Abdulkadir Jimoh     IEDPU     Musa Abdullahi     Olaiya Victor Mobolaji     Abdulwaheed Musa     Taofeek Sanusi     Yahaya Seriki Gambari     Kayode Oyin Zubair     Ilorin South     Ahmed Shuaib Buranga     Junior Secondary School Certificate Examinations     Garba Dogo     Abatemi-Usman     Kwara 2015     Isiaka Alikinla     Kemi Adeosun     Mohammed Yisa    

Cloud Tag: What's trending

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

Dan Masanin     Aminat Omodara     John Dara     Kayode Bankole     Omu Aran     Oju Ekun Sarumi     Dele Momodu     GRA     Gbugbu     Chief Imam Of Lafiagi     Mahmud Ayinla Giwa     Quarry Royal Valley     Samuel Adaramola     Onilorin     Funmilayo Oniwa     Adisa Logun     Muslim Media Watch Group Of Nigeria     Kupchi Hosea Maxwell     Coronavirus     Wahab Agbaje     Kwara Muslim Pilgrims Welfare Board     Olajumoke Monsura Gafar     Olatunji Ayeni     Toyin Olayinka Tejidini     AbdulQowiy Olododo     Soffiyyallah Kamaldeen     Shettima Of Ilorin     Zulkifli Ibraheem     Abiodun Abdulkareem     Saka Adeyemo     Garba Ayodele Wahab     Sarah Jubril     Ileloke     Muhammad Yahya     Naira Redesign     Kola Olota     Magaji Erubu     Ilorin Talaka Parapo (ITP)     Guber Aspirant     Maryam Nurudeen     Buari Edun     Isau     Marafan Shonga     Titus Suberu-Ajibola     Oyelere Oyinloye     Umar Ayinla Saro     Afeyin-Olukuta     A.G.F Abdulrasaq     Col. Ibrahim Taiwo     Hijab     School Of Nursing     Ilorin Airport     Raji Ayodele Kamaldeen     Emmanuel Olatunji Adesoye     Akume     Muhammed Taofeeq Abdulrazaq     Abdulkadir Orire     Adeniyi Ojo     Rasaq Jimoh     Ibrahim Kayode Adeyemi     Olomu Of Omu-Aran     Sa\'adu Gambari     The Herald     Senior Staff Union Of Colleges Of Education     Tanke     NNPP     LAK Jimoh     Abdulrosheed Okiki     Ilorin Emirate Staff Association     Umar Bayo Abdulwahab     Halimat Yusuf     Association Of Kwara State Online Media Practitioners     Saudat Abdulbaqi     Ibrahim Akaje     2023 Elections     Isiaka Abdulrazak     Yahya Mohammed