Justice K. Dagat of the Federal High Court, in Maiduguri, Borno State, has convicted and sentenced three illegal bureau de change operators to one year imprisonment each.
They were arraigned on Wednesday, July 10, 2024, by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on a one-count separate charge for operating illegal bureau de change businesses.
The convicts are Buba Ahmadu Aliyu, Mohammed Mustapha, and Muhammad Zarami.
The count against Aliyu reads “That you, Buba Ahmadu Aliyu sometime in May 2024, within the jurisdiction of this Honourable Court, did carry on, other financial business without 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.”
While the charge against Mustapha reads: That you, Mohammed Mustapha sometime in May 2024, within the jurisdiction of this Honourable Court, did carry on, other financial business without license issued by the Central Bank of Nigeria contrary to Section 57 (1) and (2)b and punishable under 57 (5) b of the Banks and other Financial Institutions Act, 2020.”
When the charges were read to the defendants, they pleaded “guilty” to the offence.
Thereafter, the prosecuting EFCC lawyer, A.B Aliyu, prayed the court to convict and sentence the defendants accordingly, while the lawyer to the defendants, H. Basharu urged the court to temper justice with mercy while convicting them.
Justice Dagat thereafter convicted and sentenced the defendants to one-year imprisonment with an option of N100,000.each.
The convicts bagged their imprisonment when they were arrested for operating bureau de change businesses without an appropriate licence.
