17 BDC operators in Kano bag 6 months imprisonment
Justice Muhammad Nasir Yunusa of the Federal High Court Monday convicted and sentenced 17 Bureau de Change operators in Kano State for conducting business without the necessary license, thereby, contravening Section 57(5)(b) of the Banks and Financial Institutions Act of 2020. Each offender was sentenced to either six months’ imprisonment or a fine of N50,000. […]
Justice Muhammad Nasir Yunusa of the Federal High Court Monday convicted and sentenced 17 Bureau de Change operators in Kano State for conducting business without the necessary license, thereby, contravening Section 57(5)(b) of the Banks and Financial Institutions Act of 2020.
Each offender was sentenced to either six months’ imprisonment or a fine of N50,000.
The convicted individuals, including Ayuba Ibrahim, Idris Saidu, Idris Usman, Shuaibu Muhammad, Hamisu Ilyasu, and 12 others, pleaded guilty to the one-count charge during their summary trial.
Law enforcement authorities, in a joint operation involving the police and operatives of the Department of State Services (DSS), arrested the 17 bureau de change operators at Wapa market in Fagge LGA last week.
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Upon arrest, security operatives seized 68,000 CFA francs and 30,000 rupees from the suspects as evidence of their unlawful operations.