Two courts in Kwara State have handed down convictions to Bureau De Change (BDC) operator, two others involved in financial crimes.
This marks a significant step in the fight against financial misconduct in Nigeria and the rulings serve as a deterrent to potential offenders.
Yakubu Aminu, a Bureau De de Change operator, was sentenced to 200 hours of community service by Justice Abimbola Awogboro of the Federal High Court in Ilorin for operating without a valid license.
Aminu’s sentence also includes the forfeiture of 50,000 CFA and N368,500 to the Federal Government.
He was arrested in Chikanda Market, Yashikira District of Baruten Local Government Area of the State.
His unlicensed operations violate Section 15 (5) of the Banks and Other Financial Institutions Act, 2020.
In a separate ruling, Justice Hammed Gegele of the Kwara State High Court sentenced Abdullahi Abdulrasaq Omotosho and Akeem Ibrahim Salaudeen to six months imprisonment each for their roles in internet fraud.
The Economic and Financial Crimes Commission (EFCC) presented unchallenged evidence leading to these convictions.
Salaudeen’s conviction included forfeiting N4,069,000, his iPhone 11, and $600 to the Federal Government, with an option of N150,000 fine.
The EFCC arraigned the convicts on separate charges of handling proceeds from fraudulent activities.
These convictions demonstrate the commitment of Nigerian authorities to upholding the integrity of the financial system.
Also, the rulings emphasize the importance of compliance with financial regulations in Nigeria.