In a decisive move against illicit financial activities, the Maiduguri Zonal Command of the Economic and Financial Crimes Commission (EFCC) brought three individuals to face charges for operating illegal bureau de change businesses.
Mustapha Abatcha, Adam Mohammed, and Mohammed Ali stood before Justice Jude K. Dagat of the Federal High Court in Maiduguri, Borno State, on Thursday, March 14, 2024, to answer for their alleged offences.
Each defendant faced a separate one-count charge for engaging in bureau de change operations without the requisite license. The charges highlighted the contravention of Sections 57 and 59(5) of the Banks and Other Financial Institutions Act of 2020.
Mustapha Abatcha, spanning the period from 2020 to 2024, purportedly conducted bureau de change transactions within the jurisdiction of Maiduguri, Borno State, without the necessary authorisation from the Central Bank of Nigeria.
During the arraignment, the defendants entered pleas of “not guilty” to the charges presented by the EFCC.
Following the pleas, the prosecution counsel, S.O. Saka and A.B. Aliyu petitioned the court for a trial date and advocated for the defendants’ remand in a Correctional Centre. In response, H. Waziri, counsel for the defendants, submitted a motion seeking bail on behalf of his clients.
Justice Dagat deliberated on the matter and granted bail to the defendants for One Million Naira each, requiring two sureties of equivalent standing. Notably, the sureties were mandated to be residents of Maiduguri, with one being a relative of the defendant.
The court set the trial to commence on May 28, 2023, with the defendants remanded at the Maiduguri Correctional Centre until they fulfil the conditions of their bail.
This legal action underscores the EFCC’s unwavering commitment to combat financial crimes and uphold the integrity of Nigeria’s financial sector. Operating a bureau de change without the necessary license not only violates regulatory requirements but also poses risks to financial stability and exposes individuals to potentially fraudulent activities.
By bringing perpetrators to justice, the EFCC aims to deter others from engaging in similar unlawful practices, safeguarding the public and preserving the integrity of financial systems across the country.
Furthermore, the case serves as a reminder of the importance of adhering to regulatory standards and obtaining appropriate licenses before engaging in financial activities. Compliance with legal frameworks not only ensures transparency and accountability but also fosters trust and confidence in financial transactions.
As the legal process unfolds, stakeholders must collaborate in enforcing regulations and promoting ethical conduct within the financial industry. Through concerted efforts and effective enforcement mechanisms, Nigeria can mitigate the risks associated with illicit financial activities and foster a more secure and resilient financial environment for all stakeholders involved.
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