Close Menu
The Reporters
  • Home
  • News
  • Politics
  • Crime
  • Health
  • Features
  • Economy
  • Environment
  • Entertainment
  • Business
  • Technology
  • Education
  • Sports
  • Tourism
  • Judiciary
  • Judiciary
  • Foreign
  • Agriculture
  • Religion
  • Weather
  • Banking
  • Labour
  • Faith
  • Advertisment
Facebook X (Twitter) Instagram
  • Home
  • Lifestyle
  • Travel
  • Buy Now
Facebook X (Twitter) Instagram Pinterest Vimeo
The Reporters
  • Home
  • News
  • Politics
  • Crime
  • Health
  • Features
  • Economy
  • Environment
  • Entertainment
  • Business
  • Technology
  • Education
  • Sports
  • Tourism
  • Judiciary
  • Judiciary
  • Foreign
  • Agriculture
  • Religion
  • Weather
  • Banking
  • Labour
  • Faith
  • Advertisment
Subscribe
The Reporters
Court

Kwara Court Sentences 3 Bureau de Change Operators for Unlawful Currency Trading

AdminBy AdminFebruary 12, 2025No Comments2 Mins Read
Spread the love

By correspondent in Ilorin.

A Federal High Court sitting in Ilorin, kwara state,has convicted three bureau de change operators for engaging in illegal currency exchange without the necessary licence from the Central Bank of Nigeria (CBN).

The convicts are:Mustapha Idris, Hassan Bala, and Ajayi Ernest Isaac—reside in Chikanda, Baruten Local Government Area of Kwara State.

They were prosecuted by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on separate charges.

During the court proceedings, on Monday,the defendants pleaded guilty, prompting the prosecution team, led by Sesan Ola and Andrew Akoja, to present compelling evidence.

This include confessional statements from the accused and a variety of foreign and local currencies seized at the time of their arrest.

Justice Olukayode Ariwoola delivered the verdict, sentencing Idris to 250 hours of community service.

The judge also ordered the forfeiture of CFA33,000 and N323,000 recovered from him to the federal government.

Bala received a six-month prison sentence but was given the option of paying a N200,000 fine.

He was also ordered to forfeit CFA677,500 and N881,900.

Isaac, facing similar charges, was sentenced to six months in jail with the option of paying a N500,000 fine, and forfeiting $31.

The ongoing crackdown on illegal forex trading highlights its negative impact on Nigeria’s financial stability.

The EFCC continues to stress the importance of obtaining proper authorisation for currency exchange operations.
Edited by Dada Ahmed.

Visited 22 times, 1 visit(s) today
Previous ArticleNSCDC Urges Stronger Community Engagement to Safeguard Kwara Schools
Next Article USMAN TAKES STOCK OF HIS TRANSFORMATIONAL FIRST TENURE AS KOGI POLY RECTOR
Admin

Related Posts

Tiv Youth Group Decries Deadly Attacks in Nasarawa, Seeks Government Action

June 23, 2025

Abuja High Court Grants Senator Natasha Akpoti-Uduaghan Bail

June 19, 2025

Gaba Community Rejects State Pardon for Convicts in 2018 Farmers’ Killings

June 8, 2025

Leave A Reply Cancel Reply

Recent Posts
  • Niger Govt Opens Doors to NGOs for Inclusive Development Partnerships
  • Path To Progress of Kogi Central: The Strategic Role of a Think Tank Forum.
  • Nasarawa Govt Disowns Suswam’s Claims, Denies Hosting Herdsmen Behind Benue Attacks
  • NYSC: Gov. Ododo Reaffirms Commitment to Corps Members’ Welfare, Security
  • Nigeria to Host Biggest AI Gathering in 2025 as Engr. Kola Balogun Headlines Indabax X at Summit University,Offa
© 2025 The Reporters. Designed by Domo Tech Media .
  • Home
  • Contact Us
  • About Us
  • Posts
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.