Justice K. Dagat of the Federal High Court in Maiduguri, Borno State, has convicted and sentenced three illegal Bureau-de-Change (BDC) operators to one year imprisonment each. The Economic and Financial Crimes Commission (EFCC) disclosed this in a statement on Friday via X.com.
The convicted individuals, Buba Ahmadu Aliyu, Mohammed Mustapha, and Muhammad Zarami, were arraigned by the Maiduguri Zonal Directorate of the EFCC on separate charges for operating illegal BDC businesses without a license issued by the Central Bank of Nigeria (CBN).
The charge against Aliyu read: "That you, Buba Ahmadu Aliyu, sometime in May 2024, within the jurisdiction of this Honourable Court, did carry on other financial business without a license 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."
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Similarly, Mustapha was charged with: "That you, Mohammed Mustapha, sometime in May 2024, within the jurisdiction of this Honourable Court, did carry on other financial business without a license 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."
All three defendants pleaded guilty to their respective charges. Justice Dagat subsequently sentenced them to one year imprisonment with an option of a N100,000 fine each.
The convictions followed their arrests for operating BDC businesses without appropriate licenses. In a related development reported by PUNCH Online in May, the Lagos Zonal Command of the EFCC arrested thirteen fake BDC operators in Lagos.
These convictions highlight ongoing efforts to clamp down on illegal forex activities and uphold regulatory standards in Nigeria's financial sector.
