Court jails three illegal Bureau de Change operators

Etim Ekpimah

Justice K. Dagat of the Federal High Court, sitting in Maiduguri, Borno State, has convicted and sentenced three illegal bureaus de change operators to one-year imprisonment each.

The three were arraigned on Wednesday, July 10, 2024, by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on separate charges of one count for operating an illegal bureau de change business.

Head, Media and Publicity, EFCC, Dele Oyewale, in a statement on Friday, 12 July 2024, said the defendants are Buba Ahmadu Aliyu, Mohammed Mustapha, and Muhammad Zarami.

The count against Aliyu read: “That you, Buba Ahmadu Aliyu sometime in May 2024, within the jurisdiction of this Honourable Court, did carry on, other financial business without a licence issued by the Central Bank of Nigeria contrary to section 57 (1) and (2)b and punishable under section 57 (5) b of the Banks and other Financial Institutions Act, 2020.”

While the charge against Mustapha read: “That you, Mohammed Mustapha sometime in May 2024, within the jurisdiction of this Honourable Court, did carry on, other financial business without license issued by the Central Bank of Nigeria contrary to Section 57 (1) and (2)b and punishable under 57 (5) b of the Banks and other Financial Institutions Act, 2020.”

The defendants pleaded “guilty” to the charges when they were read to them.

Thereafter, prosecution counsel, A.B Aliyu prayed the court to convict and sentence the defendants accordingly. In contrast, counsel for the defendants, H. Basharu urged the court to temper justice with mercy while convicting them.

Justice Dagat thereafter convicted and sentenced the defendants to one year imprisonment with an option of N100,000.00 (One Hundred Thousand Naira) each.

The convicts bagged their imprisonment when they were arrested for operating bureau de change businesses without an appropriate licence.