Crime
Three Kwara Currency Racketeers Convicted, Forfeit N1.3m
Three Kwara Currency Racketeers Convicted, Forfeit N1.3m
In a significant crackdown on illegal currency trading, the Federal High Court in Ilorin, Kwara State, has sentenced three individuals to various jail terms for engaging in naira racketeering. Asmau Wuraola, Owoduni Abdullahi Isa, and Shuaibu Rukayat were convicted by Justice Evelyn Anyadike after being arraigned by the Economic and Financial Crimes Commission (EFCC)……CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
The convicts were charged with trading in naira notes issued by the Central Bank of Nigeria, an offense contrary to Section 21 (4) of the Central Bank of Nigeria Act, 2007, and punishable under Section 21 (1) of the same Act. They pleaded guilty to the charges, and during the trial, naira notes were recovered from them.
Justice Anyadike pronounced Wuraola guilty and sentenced her to two months imprisonment with an option of a fine of N50,000. Additionally, the sum of N1,020,000 recovered from her was forfeited to the Federal Government, and the POS machine recovered from her was ordered to be destroyed. Isa and Rukayat were each sentenced to six months imprisonment with an option of a fine of N50,000, and the sums of N150,000 and N200,000 recovered from them, respectively, were forfeited to the Federal Government.
The convictions come amidst a nationwide crackdown on illegal currency dealers as part of efforts to stabilize the naira. Recent actions include the imprisonment of illegal Bureau de Change operators in Kano and Port Harcourt, as well as the arraignment of 19 BDC operators in Lagos, although the charges were subsequently withdrawn by the police.
The convictions underscore the government’s determination to combat currency racketeering and restore confidence in the nation’s financial system. Such measures aim to curb the free fall of the naira and promote stability in the currency market, ultimately safeguarding the economy against illicit financial activities.
A Federal High Court in Ikoyi, Lagos, has sentenced Sunmonu Olasunkanmi Thaoban to four years in prison for laundering ₦16 million by disguising its illegal origins and converting it into a 2018 black G-Wagon Jeep.....KINDLY READ THE FULL STORY HERE▶
Court Sentences Man to Four Years for ₦16 Million Money Laundering, Forfeits G-Wagon
A Federal High Court in Ikoyi, Lagos, has sentenced Sunmonu Olasunkanmi Thaoban to four years in prison for laundering ₦16 million by disguising its illegal origins and converting it into a 2018 black G-Wagon Jeep.
Key Details of the Case
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Guilty Plea & Sentencing: Justice Akintayo Aluko handed down the sentence on Thursday after Thaoban pleaded guilty to a two-count EFCC charge, alongside an alternative fine option of ₦1.8 million.
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The Offense: Prosecutors stated that Thaoban acted as a middleman in 2023, funneling illicit funds to purchase the luxury vehicle, violating the Money Laundering (Prevention and Prohibition) Act, 2022.
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Asset Forfeiture: In addition to the prison term, the judge ordered the permanent forfeiture of both the convict’s G-Wagon and mobile phone to the Federal Government.
Related BDC Convictions
In a separate proceeding, Justice Aluko also convicted four Bureau de Change (BDC) operators—Umar Muhammad Lamido, Yusuf Musa Yusuf, Abdulmuhimin Mahmud, and Muhammed Musa—for conducting unauthorized foreign exchange transactions outside the official market. Following their guilty pleas, each received a 12-month prison sentence with an option of a ₦100,000 fine.
A Delta State High Court has handed down death sentences to two individuals for their involvement in the 2018 killing of Delta State University (DELSU) undergraduate Elozino Ogege, following a ruling that found them guilty. Meanwhile, a third co-defendant facing charges related to the same incident was discharged and acquitted. The 2018 murder of Ogege had previously sparked significant public outrage and widespread demands for justice. Further details on the ruling are expected soon.....KINDLY READ THE FULL STORY HERE▶
Security forces have arrested a suspected Boko Haram informant, Abulfatahi, in Monguno, Borno State, in connection with the recent terrorist attack on Cross Kauwa.....KINDLY READ THE FULL STORY HERE▶
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Operation & Timing: Apprehended on July 27 during an intelligence-led sweep targeting a local terrorist information network. Two other suspects were previously arrested and moved to the Joint Intelligence Fusion Centre.
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Confession: During preliminary interrogations, Abulfatahi admitted to working for a Boko Haram commander named Akilu, who directs terrorist operations in Dabar Masara and Garin Mace.
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Criminal Activities: The suspect allegedly collected illegal taxes for the terrorist commander and helped select targets for abduction around Monguno.
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Evidence Recovered: Investigators found two phone numbers linked to Commander Akilu on Abulfatahi’s mobile device, which are aiding security forces in dismantling the broader network.
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Next Steps: Authorities are expanding their investigations to uncover other collaborators and strengthen ongoing counter-terrorism efforts across the Lake Chad region.
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