Court Sentences Three Naira Racketeers To Jail In Ilorin

Three individuals, namely Asmau Wuraola, Owoduni Abdullahi Isa, and Shuaibu Rukayat, have been convicted and handed varying prison sentences by Justice Evelyn Anyadike of the Federal High Court in Ilorin, Kwara State.

Naija News understands that the individuals were found guilty of engaging in naira racketeering, which involved the illegal sale of the local currency for personal gains.

The arraignment and subsequent conviction were based on cases filed by the Economic and Financial Crimes Commission (EFCC).

The EFCC accused the convicts of trading in naira notes issued by the Central Bank of Nigeria (CBN) on February 17, thereby violating Section 21 (4) of the Central Bank of Nigeria Act, 2007.

As a result, the defendants were deemed to be in contravention of Section 21 (1) of the same Act and were sentenced accordingly. It is worth noting that the defendants pleaded guilty to the charges brought against them.

Upon examination of the case details, EFCC prosecutor Innocent Mbachie disclosed that the convicts had naira notes in their possession.

In delivering the verdict, Justice Anyadike found the defendants guilty and imposed varying prison sentences.

Wuraola was sentenced to two months in jail or a fine of N50,000, in addition to forfeiting ₦1,020,000 to the Federal Government. The judge also ordered the destruction of the POS machine recovered from her.

Isa received a six-month prison term or a fine of N50,000, along with forfeiting N150,000 to the Federal Government.

Rukayat was sentenced to six months in prison or a fine of N50,000 and was required to forfeit N200,000 to the Federal Government.

Naija News reports that the naira’s rapid decline has prompted the Federal Government to take action against illegal currency dealers.

In recent times, there has been a crackdown on these individuals, aiming to curb their activities.

Significant progress was made last week when a Kano court sentenced two illegal Bureau de Change operators to jail. Additionally, 16 others were remanded in prison in Port Harcourt.

Continuing the efforts, the police in Lagos presented 19 BDC operators before the Federal High Court in Lagos for arraignment on Monday. However, the police unexpectedly withdrew the charges at the eleventh hour.