Court Jails Three Bureau de Change Operators in Kwara

On Monday, February 10, 2025, Justice Olukayode Ariwoola of the Federal High Court in Ilorin convicted and sentenced three bureau de change operators for operating without the necessary license.

The individuals convicted are Mustapha Idris, Hassan Bala, and Ajayi Ernest Isaac, all from Chikanda in Baruten Local Government Area of Kwara State. The Economic and Financial Crimes Commission (EFCC), Ilorin Zonal Directorate, prosecuted the trio on separate charges.

The charges against the convicts are as follows:

• Mustapha Idris: “That you, Mustapha Idris, sometime in July 2024, within the jurisdiction of the Federal High Court, did carry on business as a bureau de change operator without a valid license issued by the Central Bank of Nigeria, thereby committing an offense contrary to Section 57 (1) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57 (5) (b) of the same Act.”
• Hassan Bala: “That you, Hassan Bala, sometime in July 2024, within the judicial division of the Federal High Court, were found carrying on business as a bureau de change operator without a valid license issued by the Central Bank of Nigeria, thereby committing an offense contrary to Section 57 (1) and (2) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57 (5) (b) of the same Act.”

All three defendants pleaded “guilty” when the charges were read to them.

During the trial, prosecution counsel Sesan Ola and Andrew Akoja presented evidence, including extra-judicial statements from the defendants and different currencies recovered from them at the time of their arrest. The prosecution urged the court to convict and sentence the defendants as charged.

Sentences and Forfeitures:

• Mustapha Idris: Sentenced to 250 hours of community service without an option of a fine. Additionally, the sum of Cfa 33,000 and N323,000 (Three Hundred and Twenty-three Thousand Naira) recovered from him was ordered to be forfeited to the federal government.
• Hassan Bala: Sentenced to six months imprisonment, or alternatively, to pay a fine of N200,000 (Two Hundred Thousand Naira). The sum of Cfa 677,500 and N881,900 (Eight Hundred and Eighty-one Thousand, Nine Hundred Naira) recovered from him was also ordered to be forfeited to the federal government.
• Ajayi Ernest Isaac: Sentenced to six months imprisonment, or alternatively, to pay a fine of N500,000 (Five Hundred Thousand Naira). The sum of $31 (Thirty-one United States Dollars), recovered from him, was ordered to be forfeited to the federal government.

This ruling highlights the government’s commitment to regulating financial institutions and holding accountable those involved in unlicensed financial activities.