From Hadi Bawa Justice Mohammed Nasir Yunusa of the Federal High Court in Kano delivered a verdict on Wednesday, February 28, 2...
From Hadi Bawa
Justice Mohammed Nasir Yunusa of the Federal High Court in Kano delivered a verdict on Wednesday, February 28, 2024, that resulted in the conviction and subsequent sentencing of three individuals involved in illegal bureau de change operations.
The trio, comprising Umar Ibrahim Muhammad, Abubakar Yakubu Garba, and Muhammad Tijjani, found themselves facing a three-year prison term for their actions, which contravened licensing regulations.
The charges against them stemmed from their unauthorized engagement in foreign currency transactions within Kano, as highlighted in the lone-count charge presented in court. According to the charge, Ibrahim Muhammad was found guilty of conducting bureau de change operations without the requisite license, a violation of Section 57(5) of the Banks and Other Financial Institutions Act 2020. The severity of their offense was underscored by the provisions of Section 57(5)(B) of the same Act.
Accordant to EFCC website, acknowledging their wrongdoing, the defendants pleaded guilty when the charges were read out to them in both English and Hausa. This admission of guilt paved the way for the prosecution counsel, Aisha Tahar Habib, to petition the court for their conviction and appropriate sentencing. Meanwhile, the defense counsel made a plea for clemency and leniency on behalf of their clients.
Upon careful consideration of the case, Justice Yunusa rendered his verdict, sentencing Muhammad, Garba, and Tijjani to one year of imprisonment each. Additionally, they were given the option to pay a fine of N100,000 (One Hundred Thousand Naira) each. This judgment signified the court's stance on enforcing regulations within the financial sector and deterring illegal activities therein.
The journey to their eventual incarceration began with their apprehension by operatives of the EFCC's Kano Command. Their arrest shed light on their unlawful operations, exposing the lack of appropriate licensing for their bureau de change activities. The EFCC's intervention underscored the agency's commitment to upholding the law and ensuring compliance with regulatory standards within the financial industry.
No comments