The Federal Excessive Court docket in Ilorin, Kwara State, on Tuesday, convicted and sentenced three individuals to numerous jail phrases for participating in naira racketeering by promoting the forex to make positive factors.
The convicts, Asmau Wuraola, Owoduni Abdullahi Isa, and Shuaibu Rukayat, have been jailed by Justice Evelyn Anyadike.
They have been arraigned by the Financial and Monetary Crimes Fee.
The EFCC alleged that the convicts on February 17 “did commerce in naira notes issued by the Central Financial institution of Nigeria and thereby dedicated an offence opposite to Part 21 (4) of the Central Financial institution of Nigeria Act, 2007.”
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The prosecution mentioned the defendants have been liable to punishment below Part 21 (1) of the identical Act.
The defendants pleaded responsible to the costs.
Whereas reviewing the details of the case, the EFCC prosecutor, Harmless Mbachie, mentioned naira notes have been recovered from the convicts.
Delivering judgment, Justice Anyadike pronounced the defendants responsible and sentenced them to numerous jail phrases.
The decide sentenced Wuraola to 2 months imprisonment with an possibility of effective of N50,000 whereas she ordered that the sum of N1,020,000 recovered from the her be forfeited to the Federal Authorities.
Moreover, the decide ordered the EFCC to destroy the POS machine recovered from her.
Isa, however, was sentenced to 6 months imprisonment with an possibility of effective of N50,000 whereas the sum of N150,000 recovered from him be forfeited to the Federal Authorities.
The decide additionally sentenced Rukayat to 6 months imprisonment with an possibility of a effective of N50,000 whereas the sum of N200,000 recovered from him be forfeited to the Federal Authorities.
The Federal Authorities has in latest occasions begun a clampdown on unlawful forex sellers in a bid to arrest the free fall of the naira.
Final week, a Kano court docket jailed two unlawful Bureau de Change operators whereas 16 others have been remanded in jail in Port Harcourt.
On Monday, the police in Lagos took 19 BDC operators earlier than the Federal Excessive Court docket in Lagos for arraignment. The fees have been, nonetheless, withdrawn by the police on the final minute.
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