Kwara court jails BDC operator, two others for fraud
By Mosunmola Ayobami, Ilorin
The Federal High Court in Ilorin has sentenced a bureau de change operator, Yakubu Aminu, to 200 hours of community service for running an unlicensed currency exchange business.
The court, presided over by Justice Abimbola Awogboro, ruled that Aminu had violated financial regulations by operating without a valid license from the Central Bank of Nigeria (CBN).
In a related development, the Kwara State High Court in Ilorin, led by Justice Hammed Gegele, sentenced two internet fraudsters, Abdulalahi Abdulrasaq Omotosho and Akeem Ibrahim Salaudeen, to six months imprisonment each for their involvement in cybercrime. The court gave them the option to pay a fine of N150,000 each.
The convictions came after the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) arraigned the trio on separate charges before the two courts on Wednesday, October 9, 2024.
Yakubu Aminu was charged with operating an illegal bureau de change business in Chikanda Market, Yashikira District, Baruten Local Government Area of Kwara State. According to court documents, he carried out financial activities without the required CBN authorization, contravening Section 15 (5) of the Banks and Other Financial Institutions Act, 2020.
Aminu pleaded guilty and was sentenced to community service. In addition, the court ordered the forfeiture of 50,000 CFA and N368,500 recovered from him during his arrest to the Federal Government.
Akeem Ibrahim Salaudeen, on the other hand, was charged with handling the proceeds of fraud. The EFCC presented evidence showing that between December 2018 and November 2024, Akeem had N4,069,000 in his bank account, funds traced to fraudulent activities. His accomplice, Abdulalahi Abdulrasaq Omotosho, was found guilty of similar charges, with the court ordering the forfeiture of $600 and an iPhone 11 Pro Max recovered from him at the time of his arrest.
Both Akeem and Abdulalahi, who also pleaded guilty to the charges, were sentenced to six months in prison. However, Justice Gegele offered them the option of a fine, allowing each to pay N150,000 in lieu of jail time. Their assets, including Akeem’s N4,069,000, an iPhone 11, and the foreign currency seized from Abdulalahi, were also forfeited to the Federal Government.
The EFCC’s Ilorin Zonal Directorate, which led the investigations, hailed the court’s rulings as a significant step in the fight against economic and cybercrime.
Speaking after the judgment, a spokesperson for the agency reaffirmed the EFCC’s commitment to prosecuting individuals who engage in financial misconduct, warning that the law would continue to clamp down on offenders.
