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.
