Kwara Court Sentences BDC Operator and Two Others for Financial Crimes

A Federal High Court in Ilorin, Kwara State, has sentenced a Bureau de Change (BDC) operator, Yakubu Aminu, to 200 hours of community service for conducting financial transactions without a valid license. Justice Abimbola Awogboro handed down the sentence, which amounts to approximately nine days of service, with no option for a fine.

In a related case, a Kwara State High Court, presided over by Justice Hammed Gegele, sentenced Abdulalahi Abdulrasaq Omotosho and Akeem Ibrahim Salaudeen to six months in prison each for their involvement in internet fraud. However, both convicts were given the option to pay a fine of N150,000 instead of serving jail time.

The Economic and Financial Crimes Commission (EFCC) arraigned the three defendants before the courts on separate charges on October 9, 2024. Dele Oyewale, the head of Media and Publicity for the EFCC, released a statement detailing the cases.

The charge against Aminu revealed that he was conducting Bureau de Change business at the Chikanda Market in Yashikira District, Baruten Local Government Area, without proper authorization. According to the charge sheet, Aminu’s activities violated Section 15 (5) of the Banks and Other Financial Institutions Act, 2020. The court ordered the forfeiture of the sum of 50,000 CFA and N368,500 found in Aminu’s possession during his arrest to the Federal Government.

Justice Awogboro emphasized the seriousness of operating financial services without a license. She remarked, “Financial activities without proper licensing undermine the integrity of our financial system and cannot be tolerated.”

Meanwhile, the case against Akeem Ibrahim Salaudeen detailed that he knowingly held N4,069,000 in his bank account, which was identified as proceeds from unlawful activities. The charge, read in court, stated that Akeem’s actions contravened Section 319(a) of the Penal Code Laws of Northern Nigeria. His accomplice, Abdulahi, was similarly implicated in fraudulent activities.

The court ordered the forfeiture of N4,069,000 recovered from Akeem, as well as an iPhone 11 and $600 seized from Abdulahi, to the Federal Government. Justice Gegele noted that the evidence presented by the prosecution, alongside the defendants’ guilty pleas, led to their convictions.

The EFCC highlighted the importance of enforcing legal actions against financial crimes, stating, “The conviction of these individuals sends a clear message that fraud and illegal financial practices will not go unpunished.”

The sentencing of Aminu, Akeem, and Abdulahi follows their arrest and thorough investigation by the EFCC. The agency continues to crack down on fraudulent activities and unlicensed financial operations across the country. The court’s decisions underscore the ongoing efforts to maintain financial discipline and integrity in Nigeria’s banking sector.