Three bureau de change operators in Nigeria have been sentenced to prison for operating without a valid license from the Central Bank of Nigeria. The convicts, Mustapha Idris, Hassan Bala, and Ajayi Ernest Isaac, were prosecuted by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
A Federal High Court sitting in Ilorin, the Kwara State capital, has jailed three bureau de change operators for operating without a licence. The convicts, Mustapha Idris, Hassan Bala, and Ajayi Ernest Isaac, are all from Chikanda in the Baruten Local Government Area of the state. The trial judge, Justice Olukayode Ariwoola of the Federal High Court, convicted and sentenced the three bureau de change operators.
” Bala's charge sheet read: “That you, Hassan Bala, sometime in July 2024, within the judicial division of the Federal High Court, were found to be carrying on the business of other financial institutions, to wit: bureau de change, without a valid licence issued by the Central Bank of Nigeria, and thereby committed an offence contrary to Section 57 and of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57 of the same Act.
CRIMINAL CHARGES FINANCE NIGERIA ECONOMIC CRIMES LAW
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