Justice E.U. Akpan of the Federal Excessive Courtroom in Ibadan, Oyo State, has convicted and sentenced two males, Suleiman Kolawole Nurudeen and Yekeen Kazeem Ayoade, to 6 months imprisonment every for foreign money racketeering.
The 2 convicts have been prosecuted by the Ibadan Zonal Directorate of the Financial and Monetary Crimes Fee (EFCC) on a one-count cost of naira abuse.
Upon arraignment, the defendants pleaded responsible to the cost, which detailed that that they had bought N50,000 in Central Bank of Nigeria (CBN)-issued foreign money denominations for N60,000, a violation of Part 21 (4) of the Central Financial institution Act of 2007, punishable underneath Part 21 (1) of the identical Act.
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The prosecution counsel, Mabas Mabur, offered the info of the case to the courtroom, together with proof linking the defendants to the offense.
Mabur urged the courtroom to condemn the defendants based on the costs.
In her ruling, Justice Akpan sentenced every defendant to 6 months in jail with the choice of a N50,000 high-quality.
Moreover, the courtroom ordered the forfeiture of N224,000, believed to be proceeds from the unlawful transactions, and a Moniepoint Level of Sale (POS) machine, which was used within the offense, to the Federal Authorities.
The convicts have been initially apprehended by EFCC operatives on February 20, 2024, and subsequently arraigned on Might 24, 2024, on costs associated to foreign money racketeering.
This case underlines the CBN’s ongoing efforts to curb foreign money abuse and highlights the EFCC’s lively function in addressing monetary crimes.
Additionally this additional sends a warning to people concerned in illicit monetary practices.
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