Three Illegal Bureau de Change Operators Docked In Maiduguri

The Maiduguri Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Thursday, March 14, 2024 arraigned three illegal bureau de change operators before Justice Jude K. Dagat of the Federal High Court, sitting in Maiduguri, Borno State.

 The defendants are Mustapha Abatcha, Adam Mohammed, and Mohammed Ali.

 They were arraigned on a one-count separate charge for operating bureau de change business without a valid license.

 The charge against Abatcha reads: "That you Mustapha Abatcha, between the period of 2020 to 2024, in Maiduguri, Borno State within the jurisdiction of this Honourable Court did carry on other financial business, to wit bureau de change business without license issued by the Central Bank of Nigeria contrary to and punishable under Section 57 and 59(5) of the Banks and other Financial Institutions Act, 2020."

 The defendants pleaded “not guilty” to the charges preferred against them by the EFCC.

Thereafter, prosecution counsel, S.O Saka and A.B Aliyu prayed for a trial date and urged the court to remand the defendants in a Correctional Centre while counsel for the defendants, H. Waziri through a motion prayed for the bail of the defendants.

Justice Dagat thereafter admitted the defendants to bail in the sum of N, 1000, 000 (One Million Naira) and two sureties in like sum. The sureties must be residing in Maiduguri and one of the sureties must be a relative of the defendant.

 The matters were adjourned till May 28, 2023 for commencement of trial and defendants are remanded at Maiduguri Correctional Centre pending the fulfillment of their bail conditions.