By Blessing Omale
Justice Fadimatu Aminu of the Federal High Court has sentenced two men, Haruna Ahmadu and Kabiru Iliyasu, to jail terms for operating unlicensed bureau de change (BDC) businesses.
The ruling, issued on Thursday and announced by the Economic and Financial Crimes Commission (EFCC) spokesperson Dele Oyewale, comes after the men were charged with conducting financial transactions without the required Central Bank of Nigeria (CBN) licenses.
Ahmadu and Iliyasu were first brought to court on March 12, 2024, by the EFCC’s Maiduguri Zonal Directorate.
According to Oyewale, each of the suspects faced a single charge of unauthorized operation of a BDC business, with the case against Ahmadu noting he had conducted BDC activities in Damaturu between June 2023 and 2024.
Oyewale noted that both defendants pleaded not guilty, but during the trial, Iliyasu altered his plea to guilty.
Prosecution counsel Mukhtar Ali Ahmad then requested the court to convict him based on his admission.
In separate rulings, Justice Aminu sentenced Iliyasu to four years in prison, allowing him the option of a N500,000 fine, while Ahmadu received a two-year sentence with a fine option of N100,000.
The convictions highlighted EFCC’s commitment to combating unlicensed financial operations, according to the commission.
In a related development, EFCC operatives in Benin arrested 21 suspects on November 5 in connection with alleged internet fraud.
Acting on intelligence reports, agents apprehended the individuals at multiple locations in Benin City, recovering laptops, mobile phones, and 10 luxury vehicles in the process.
The EFCC confirmed that the suspects will be charged once investigations are completed, emphasizing its ongoing efforts to curb cyber-related crimes in the region.
Court sentences two men for illegal Bureau de Change operations.
