Kano Court Jails Two Illegal BDC Operators for One Year

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In a recent legal development, Justice Mohammed Nasir Yunusa of the Federal High Court Kano delivered a decisive verdict on Tuesday, February 27, 2024, as he convicted and sentenced two individuals for engaging in illegal Bureau-de-Change (BDC) operations without the necessary license.

The convicted individuals, Munkaila Sani and Mohammed Sani, pleaded guilty to separate one-count charges related to their involvement in financial activities of a bureau de change without the required license. The charges were brought against them by the Kano Zonal Command of the Economic and Financial Crimes Commission (EFCC).

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The specific charge against Munkaila Sani read: “That you Munkaila Sani sometime in February 2024 in Kano within the jurisdiction of this Honourable Court did engage in a financial operation of bureau de change without a valid licence and you thereby committed an offence 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.’’

Upon entering their guilty pleas during the arraignment, the prosecution counsel, Aisha Tahar Habib, urged the court to convict and sentence them in line with the law. The defendants’ counsel, Abdulrahman Isah, appealed for leniency, emphasizing the remorsefulness of the suspects and their advanced age.

In response, Justice Yunusa, after considering the pleas and arguments, handed down a one-year imprisonment sentence to each of the defendants.

This verdict underscores the importance of complying with financial regulations, particularly the requirement of obtaining a valid license for engaging in bureau de change activities. The court’s decision serves as a deterrent against illegal financial operations that pose risks to the financial system.

It is crucial for individuals and entities involved in financial services to adhere to regulatory requirements and operate within the confines of the law to maintain the integrity and stability of the financial sector.

Source: Leadership NG

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