Justice E.U. Akpan of the Federal High Court in Ibadan, Oyo State, has convicted and sentenced two men, Suleiman Kolawole Nurudeen and Yekeen Kazeem Ayoade, to six months imprisonment each for currency racketeering.

The two convicts were prosecuted by the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on a one-count charge of naira abuse.

Upon arraignment, the defendants pleaded guilty to the charge, which detailed that they had sold N50,000 in Central Bank of Nigeria (CBN)-issued currency denominations for N60,000, a violation of Section 21 (4) of the Central Bank Act of 2007, punishable under Section 21 (1) of the same Act.

READ ALSO:

The prosecution counsel, Mabas Mabur, presented the facts of the case to the court, including evidence linking the defendants to the offense.

Mabur urged the court to sentence the defendants according to the charges.

In her ruling, Justice Akpan sentenced each defendant to six months in prison with the option of a N50,000 fine.

Additionally, the court ordered the forfeiture of N224,000, believed to be proceeds from the illegal transactions, and a Moniepoint Point of Sale (POS) machine, which was used in the offense, to the Federal Government.

The convicts were initially apprehended by EFCC operatives on February 20, 2024, and subsequently arraigned on May 24, 2024, on charges related to currency racketeering.

This case underlines the CBN’s ongoing efforts to curb currency abuse and highlights the EFCC’s active role in addressing financial crimes.

Also this further sends a warning to individuals involved in illicit financial practices.

Please follow and like us: