In a significant crackdown on illegal financial activities, Justice K. Dagat of the Federal High Court in Maiduguri, Borno State, has sentenced three unlicensed Bureaus de Change operators to one year in prison each.
The Convicted Operators:
- Buba Ahmadu Aliyu
- Mohammed Mustapha
- Muhammad Zarami
These individuals were brought before the court on Wednesday, 10th July 2024, by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission (EFCC). Each faced a one-count charge for operating illegal bureau de change businesses without the necessary licence from the Central Bank of Nigeria (CBN).
The Charges Detailed
The charge against Buba Ahmadu Aliyu stated: “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.”
Similarly, Mohammed Mustapha faced a charge stating: “That you, Mohammed Mustapha, 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.”
Court Proceedings and Sentencing
The defendants pleaded guilty to the charges. Prosecution counsel A.B. Aliyu urged the court to convict and sentence them accordingly, while defence counsel H. Basharu requested leniency, asking the court to temper justice with mercy.
After considering the submissions, Justice Dagat sentenced each defendant to one-year imprisonment. However, the court offered an option of a fine of One Hundred Thousand Naira (N100,000) each.
The Arrest and Implications
The convictions followed their arrests for conducting Bureau de Change operations without proper licensing. This case underscores the authorities’ commitment to clamping down on illegal financial activities, ensuring compliance with regulatory standards set by the Central Bank of Nigeria.
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