In a ruling by Justice Evelyn Anyadike at the Federal High Court in Ilorin, Kwara State, on Tuesday, three individuals were convicted and sentenced for participating in a naira racketeering scheme aimed at profiting from the sale of the currency.
The convicted individuals, namely Asmau Wuraola, Owoduni Abdullahi Isa, and Shuaibu Rukayat, faced charges brought against them by the Economic and Financial Crimes Commission (EFCC).
According to the EFCC, the defendants engaged in the trade of naira notes issued by the Central Bank of Nigeria on February 17, violating Section 21(4) of the Central Bank of Nigeria Act, 2007, and thus punishable under Section 21(1) of the same Act.
The defendants pleaded guilty to the charges, and during the proceedings, naira notes were recovered from them, as stated by EFCC prosecutor Innocent Mbachie.
Justice Anyadike found the defendants guilty and handed down the following sentences:
1. Asmau Wuraola: Two months imprisonment with an option of a N50,000 fine. Additionally, the sum of N1,020,000 recovered from her was ordered to be forfeited to the Federal Government, and the POS machine recovered from her was directed to be destroyed.
2. Owoduni Abdullahi Isa: Six months imprisonment with an option of a N50,000 fine. Similarly, the sum of N150,000 recovered from him was forfeited to the Federal Government.
3. Shuaibu Rukayat: Six months imprisonment with an option of a N50,000 fine. The sum of N200,000 recovered from him was also forfeited to the Federal Government.
The sentencing aligns with the Federal Government’s recent crackdown on illegal currency dealers, aimed at stabilizing the value of the naira. In recent actions, illegal Bureau de Change operators were prosecuted in Kano and Port Harcourt, while 19 BDC operators faced charges in Lagos before the Federal High Court. However, the charges were withdrawn by the police at the last minute in the Lagos case.
