Stephen Olufemi Oni 
A 46-year-old Bureau De Change (BDC) operator, Muhammed Inuwa, has been sentenced to six months’ imprisonment for refusing to accept the naira as legal tender and for operating without a valid licence.
Inuwa was convicted by Justice Abimbola Awogboro of the Federal High Court sitting in Ilorin, the Kwara State capital, after the court found him guilty of a two-count charge preferred against him by the Economic and Financial Crimes Commission (EFCC).
Count one of the charge stated that Inuwa, on or about July 25, 2024, within the jurisdiction of the court, refused to accept the naira by receiving the sum of 100 dollars as payment for the purchase of a jalabiya (a loose-fitting traditional garment) and a wristwatch, an offence contrary to and punishable under Section 20(5) of the Central Bank of Nigeria Act, 2007.
The second count stated that the defendant, between July and December 2024 in Lokoja, Kogi State, carried on Bureau De Change business without a valid licence issued by the Central Bank of Nigeria, contrary to Section 57(5) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57(5)(b) of the same Act.
The defendant pleaded guilty to the charges when they were read to him.
Following his plea, the prosecuting counsel, Innocent Mbachie, called the investigating officer, Babatunde Olotu, to review the facts of the case and outline the circumstances surrounding the defendant’s arrest. Mbachie thereafter urged the court to convict and sentence the defendant in line with his plea bargain agreement dated January 15, 2026.
In his judgment, Justice Awogboro found the defendant guilty as charged and sentenced him to six months’ imprisonment on each count, to run concurrently, with an option of a fine of ₦250,000 on each count.
