Court jails 3 illegal Bureau De Change operators in Maiduguri

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 of imprisonment each.

The convicts, Buba Ahmadu Aliyu, Mohammed Mustapha, and Muhammad Zarami, were arrested and arraigned by operatives of the Economic and Financial Crimes Commission (EFCC) on separate one-count charges for operating bureau de change businesses without appropriate licenses.

The charge 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 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.”

Similarly, 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 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.”

The defendants pleaded guilty to the charges. Justice Dagat subsequently convicted and sentenced them to one year of imprisonment with an option of a N100,000 fine each.