The Federal High Court in Ilorin, Kwara State, has handed down convictions and jail sentences to three individuals involved in naira racketeering, where they were selling the currency for profit. Asmau Wuraola, Owoduni Abdullahi Isa, and Shuaibu Rukayat were all sentenced by Justice Evelyn Anyadike after being arraigned by the Economic and Financial Crimes Commission (EFCC).
The EFCC accused the trio of trading in naira notes issued by the Central Bank of Nigeria on February 17, which is a violation of the Central Bank of Nigeria Act, 2007. The defendants pleaded guilty to the charges, and naira notes were recovered from them during the investigation.
Justice Anyadike found the defendants guilty and handed down varying jail terms. Wuraola was sentenced to two months in prison with a fine option of N50,000, and the sum of N1,020,000 recovered from her was forfeited to the Federal Government. Additionally, the judge ordered the destruction of the POS machine recovered from Wuraola.
Isa received a six-month prison sentence with a fine option of N50,000, and the sum of N150,000 recovered from him was forfeited to the government. Rukayat was also sentenced to six months in prison with a fine option of N50,000, and the sum of N200,000 recovered from him was forfeited to the Federal Government.
The crackdown on illegal currency dealers by the Federal Government is part of efforts to stabilize the naira. Recent actions include the imprisonment of illegal Bureau de Change operators in Kano and the remand of 16 others in Port Harcourt. In Lagos, 19 BDC operators were brought before the Federal High Court, but the charges were withdrawn by the police at the last minute.
This case highlights the government’s commitment to combating illegal activities in the financial sector and ensuring the stability of the national currency.
