By Taiwo Niyi, KWARA |
An Ilorin Federal High Court has sentenced three bureau de change operators for engaging in currency exchange without a valid licence from the Central Bank of Nigeria (CBN).
The convicted traders—Mustapha Idris, Hassan Bala, and Ajayi Ernest Isaac—all from Chikanda in Baruten Local Government Area of Kwara State—were prosecuted by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on separate charges.
During Monday’s proceedings, the defendants pleaded guilty to the charges, prompting the prosecution, led by Sesan Ola and Andrew Akoja, to present evidence, including their confessional statements and foreign and local currencies seized at the time of their arrest.
In his judgment, Justice Olukayode Ariwoola sentenced Idris to 250 hours of community service, ordering the forfeiture of CFA33,000 and N323,000 recovered from him to the federal government.
Bala received a six-month prison sentence with an option of a N200,000 fine, while also forfeiting CFA677,500 and N881,900. Isaac was handed a similar six-month jail term but with a N500,000 fine option, alongside the forfeiture of $31.
Illegal forex trading has remained a major concern in Nigeria’s financial sector, with authorities intensifying their clampdown on unregistered operators. The EFCC has repeatedly warned against currency trading without proper authorisation, citing its impact on economic stability.
