By Peter Jene, Senior National Correspondent
KANO, Nigeria — In a significant move to curb illicit financial operations, Justice Mohammed Nasir Yunusa of the Federal High Court Kano has convicted and sentenced two illegal bureau de change operators, Munkaila Sani and Mohammed Sani, to one year imprisonment each.
The verdict was delivered on Tuesday, February 27, 2024, following their guilty pleas to separate charges brought against them by the Kano Zonal Command of the Economic and Financial Crimes Commission (EFCC).
Illegal BDC Operations Unveiled:
The guilty parties were charged with operating a bureau de change’s finances without the required authorization. The Banks and Other Financial Institutions Act, 2020’s Section 57(5) was used to file the accusations against them, and the prosecution focused on how their actions violated financial laws.
Pleas of Guilt and Sentencing:
Munkaila Sani and Mohammed Sani entered guilty pleas to their charges at arraignment, which led Aisha Tahar Habib, the prosecution’s attorney, to ask the court to find them guilty and to impose the appropriate sentence. In a plea for leniency, the defense counsel, Abdulrahman Isah, appealed to the court to consider the age and remorsefulness of the defendants.
Justice Yunusa, after weighing the arguments, convicted and sentenced each of the defendants to one year imprisonment. This swift and decisive action sends a strong message about the consequences of engaging in illegal financial activities.
The Nexus of Illegal Operations:
The arrests occurred around Wapa BDC market and Grand Central Hotel, Kano, following credible intelligence that pointed to their involvement in a syndicate operating bureau de change businesses without the required license. This case underscores the commitment of law enforcement to crack down on illegal financial activities and enforce regulatory compliance.
This judicial action serves as a deterrent to others engaging in similar unlawful practices, emphasizing the need for adherence to financial regulations and licensing requirements within the bureau de change sector.
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