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Three Illegal Bureau De Change Operators Jailed In Borno

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Justice K. Dagat of the Federal High Court in Maiduguri, Borno State, has imposed a sentence on three unlicensed Bureau-de-Change operators to Twelve months in prison each.
Buba Ahmadu Aliyu, Mohammed Mustapha, and Muhammad Zarami, were detained and charged by the Economic and Financial Crimes Commission (EFCC) for running currency exchange businesses without the necessary licenses.
The charge against Aliyu stated, “Buba Ahmadu Aliyu, in May 2024, within this court’s jurisdiction, operated a financial business without a Central Bank of Nigeria license, violating section 57 (1) and (2)b and punishable under section 57 (5) b of the Banks and Other Financial Institutions Act, 2020.”
Similarly, Mustapha’s charge read: “Mohammed Mustapha, in May 2024, within this court’s jurisdiction, operated a financial business without a Central Bank of Nigeria license, violating Section 57 (1) and (2)b and punishable under section 57 (5) b of the Banks and Other Financial Institutions Act, 2020.”
Both defendants pleaded guilty to the charges. For this reason, Justice Dagat sentenced them to one year in prison, with the option of paying a fine of N100,000 each.

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