The Federal High Court in Abuja on Monday sentenced two Bureau De Change (BDC) operators to five years’ imprisonment each, with an option of a N2 million fine, for conducting BDC business without a valid licence from the Central Bank of Nigeria (CBN).
Justice Obiora Egwuatu passed the judgments in two separate cases filed by the Economic and Financial Crimes Commission (EFCC).
The two defendants in the separate cases are Isah Sulaiman (trading under the name and style of Sly Exclusive Multi Concept) and Aminu Abdullahi, who was sued alongside Ninext Multi-Ventures Ltd.
Isah Sulaiman, trading under the name and style of Sly Exclusive Multi Concept, was accused by the EFCC of conducting the business of another financial institution, to wit: Bureau De Change, without a valid licence from the Central Bank of Nigeria.
Nairametrics reports that the duo had previously been arraigned before the court and pleaded guilty while opting for a plea bargain agreement.
A plea bargain agreement is a legal procedure in a criminal trial in which a defendant agrees with the prosecution to plead guilty in exchange for less severe penalties or sentencing.
At the scheduled judgments, T.M. Anamaeze, Esq., announced his appearance for the prosecution in the two separate cases.
After hearing from the lawyer, the judge said the convict, having agreed to abide by the sentence to be imposed by the court, was hereby sentenced to five years’ imprisonment or a N2 million fine.
In the verdict against Isah Sulaiman, Justice Egwuatu also convicted him and imposed a five-year jail term or a N2 million fine.
The development is the latest conviction of individuals and companies said to have contravened BOVIA, particularly by conducting the business of other financial institutions without a licence.
The case stemmed from the EFCC’s ongoing investigation, which revealed that several bank accounts were linked to individuals allegedly using virtual cryptocurrency exchange platforms to manipulate the value of the naira illegally and launder proceeds from unlawful activities.
In 2024, the CBN released the approved guidelines for the operations of Bureau De Change (BDCs) across the country while asking BDCs to reapply for licences online in line with the new regulatory requirements within six months.
The licensing fees for Tier-1 and Tier-2 BDCs were set at N5 million and N2 million, respectively.
Some of the new guidelines for BDCs at the time banned them from options and derivatives trading, carrying out outward international transfers, receiving international inward transfers, dealing in crypto assets or with entities that deal in crypto assets, among other activities.
