The Federal High Court in Ilorin, presided over by Justice Olukayode Ariwoola, has sentenced three bureau de change operators for conducting financial transactions without the required license.
The judgment was delivered on Monday, February 10, 2025.
The convicted individuals—Mustapha Idris, Hassan Bala, and Ajayi Ernest Isaac—are all residents of Chikanda in the Baruten Local Government Area of Kwara State.
They were separately prosecuted by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on charges related to illegal financial operations.
According to the charges, Idris and Bala were found guilty of engaging in bureau de change activities without authorization from the Central Bank of Nigeria (CBN), an offence under Section 57 (1) of the Banks and Other Financial Institutions Act, 2020.
Similarly, Isaac was convicted on related grounds.
During the court proceedings, the defendants pleaded guilty to the charges. EFCC prosecutors Sesan Ola and Andrew Akoja presented evidence, including the defendants’ statements and foreign currencies seized at their arrest. They urged the court to impose appropriate sentences.
Following the trial, Idris was sentenced to 250 hours of community service, with no option of a fine.
The court also ordered the forfeiture of CFA 33,000 and N323,000 recovered from him to the federal government.
Bala received a six-month prison term but was given the option to pay a N200,000 fine. Additionally, Cfa 677,500 and N881,900 found in his possession were forfeited to the government.
Isaac was sentenced to six months imprisonment, with the alternative of a N500,000 fine.
The court also ordered the forfeiture of $31 recovered from him.
The convictions highlight the ongoing crackdown on illegal financial activities in Nigeria, reinforcing regulatory measures within the financial sector.