Three unlicensed Bureau de Change (BDC) operators sentenced to prison in Borno

Justice K. Dagat of the Federal High Court in Maiduguri, Borno State, has sentenced three individuals involved in illegal Bureau-de-Change operations to one year in prison each. The Economic and Financial Crimes Commission (EFCC) announced this in a statement on X.com (formerly Twitter) on Friday.

According to the statement, the defendants, namely Buba Ahmadu Aliyu, Mohammed Mustapha, and Muhammad Zarami, were prosecuted by the Maiduguri Zonal Directorate of the EFCC. They faced charges for operating unlicensed Bureau-de-Change businesses.

The statement detailed the charges against each defendant, emphasizing their unlawful financial activities conducted without a license issued by the Central Bank of Nigeria, as stipulated under Sections 57(1) and (2)b of the Banks and Other Financial Institutions Act, 2020.

During their arraignment, the defendants pleaded guilty to the charges. Subsequently, Justice Dagat convicted and sentenced each of them to one year in prison, with an option to pay a fine of N100,000.

The convictions stemmed from their arrest for engaging in Bureau-de-Change operations without the required regulatory authorization.