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.

Women For Change And Development Initiative     GGDSS Pakata     Abdulfatai Ahmed     Ilorin General Hospital     Abdulazeez Arowona     Lawan     A.G.F Abdulrasaq     April 11     Musibau Akanji     Idris Garuba     Katibi Ibraheem Adeola     David Oyepinola Adedumoye     Offa Grammer School     Awoye     Maimunat Oloriegbe     Mohammed Haruna     Chief Imam Of Ilorin     Sunday Popo-Ola     Durosinlohun Kawu     Kolo     Afin Descendants Union Of Odo-Owa     Chief Imam Of Lafiagi     Hassan Saliu     Balikis Jawondo     COEASU     Ahman Patigi     Olajumoke Monsura Gafar     James Kolo     Rueben Parejo     Federal Polytechnic Offa     Patience Jonathan     Abdulganiyu AbdulAzeez     Tinubu Legacy Forum     Jaigbade Alao     Kwha.gov.ng     Nigeria Customs Service     Quareeb Islamic Association     Lola Olabayo     Tunji Oyawoye     Kale Ayo     Saka Isau     Agboola Abdulraheem     Samuel Olusegun Adedayo     Pakata Development Association     Ohoro Of Shao     Ilesha Gwanara Road     Mohammed Ibrahim     Ilorin     Abdullateef Abdussalam     Offa     Osinbajo     Mohammed Halidu     C2c@kwarastate.gov.ng     Elekoyangan     Kola Olota     Mohammed Katsina Ahmed     Baba Isale     Simon Sayomi     PPS     Aliyu Muhammed     Jimoh Olusola Imam     Ilorin Amusement Park     S.O. Opowoye     Fulani     Chief Imam Of Omu-Aran     Moses Adekanye     Micheal Imodu-Ganmo Road     Sulyman Tejidini     Funmi Salau     Turaki     Saadatu Modibbo-Kawu     HYPPADEC     Ishola Moses Abiodun     Waziri Yakubu Gobir     NaAllah     Special Agro-Industrial Hub     Pategi    

Cloud Tag: What's trending

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

Al-Ilory     CACOVID Palliatives     Standard Organization Of Nigeria     Code Of Conduct Tribunal     Doyin Agbamu     Marafan Shonga     Oya State     Obuh     Shettima     Code Of Conduct     Hydro-electric Power Producing Areas Development Commission     Khadijat Ayoola Yusuf     Ganiyu Abolarin     Timothy Akangbe     GANZY     Osuwa     Abubakar Usman Jos     Opobiyi     Unilorin     Babatunde Idiagbon     Gbenga Olawepo     Ibrahim Labaika     Ilorin Curfew     Oke-opin     Alloy Chukwuemeka     Ballah     Jide Oyinloye     Suleman Abubakar     Dan-Kazeem     Bilikisu Oniyangi     Ahmed Bolaji Nagode     Ahmad Olayiwola Kamaldeen     Government Girls’ Day Secondary School Pakata     Kwara Coalition Of Business And Professional Associations     Omotosho     Gbemi Saraki     Kamaldeen Gambari     David Adesina     Ilorin Airport     Omu-aran     Shettima Of Ilorin     UITH     Saliu Tunde Bello     Adeleke Ogungbe     Ibrahim Abdullahi     Saadatu Modibbo-Kawu     T And K FOODS     Olabode George Towoju     CCEPE     College Of Health     Saka Adeyemo     Shao     Dar-Al-Handasah Consultants     School Of Nursing     Neo Mundo Ltd     Femi Agbaje     Mansurat Amuda-Kannike     Muslimah Entrepreneurship Forum     Centre For Digital Economy     Kazeem Gbolagade     Dan Masanin     Ayinke Saka     Prince Mahe Abdulkadir     Asa LGEA School     Congress For National Consensus     Yomi Adeboye     Allocation     CCB     Moshood Bakare     Elelu     Rihanat Ajia     Tunde Oyawoye     Toyin Abdullahi     Wale Oladepo     Wahab Kunle Shittu     AbdulGaniyu Kareem     Segun Abifarin