In Kano, a court has sentenced three Bureau de Change (BDC) operators to three years in prison. The decision was made following their conviction on charges related to illegal currency trading.
The court found the three individuals guilty of engaging in unlawful foreign exchange transactions, which violated the provisions of the Central Bank of Nigeria (CBN) regulations on currency exchange operations.
The prosecution presented evidence demonstrating that the defendants conducted illegal currency transactions without the required authorization from the appropriate regulatory authorities.
Justice Mohammed Nasir Yunusa of the Federal High Court in Kano has handed down a verdict on three individuals involved in illegal bureau de change operations. Umar Ibrahim Muhammad, Abubakar Yakubu Garba, and Muhammad Tijjani were found guilty of operating without the necessary license and were subsequently sentenced to three years in prison.
The conviction came after the defendants pleaded guilty to charges of illegal dealing in foreign currency without the required license. The charges were brought under Section 57 (5) of the Banks and Other Financial Institutions Act 2020.
During the proceedings, the prosecution counsel, Aisha Tahar Habib, requested the court to convict and sentence the defendants accordingly, while the defense counsel appealed for leniency.
Justice Yunusa, considering the gravity of the offense, convicted and sentenced Muhammad, Garba, and Tijani to one year imprisonment each, with an alternative fine option of N100,000 (One Hundred Thousand Naira) each.
The arrests leading to their conviction were made by operatives of the Kano Command of the Economic and Financial Crimes Commission (EFCC) after it was discovered that the individuals were operating a bureau de change without the appropriate license.
