The Economic and Financial Crimes Commission (EFCC) brought charges against three individuals accused of hoarding foreign currencies and selling them at exorbitant prices without lawful authority. The suspects—Thomas Olatokunbo, Dauda Ismail, and Bello Muhammed—appeared at the Iyaganku Chief Magistrates’ Court in Ibadan, facing a five-count conspiracy.
These charges include unlawfully procuring a license or certificate for buying and selling foreign currencies, disobeying the executive order of the President, and conspiracy. The defendants pleaded not guilty to the charges.
Chief Magistrate M. Mudasiru granted bail to the defendants in the sum of N1 million each, with two sureties in the same sum. The case was adjourned until June 4 for a hearing.
According to the Police Prosecutor, the defendants, along with others who are still at large, allegedly conspired to commit the crimes on February 21 in the Sabo area of Mokola in Ibadan. They were accused of obtaining registration by false pretense, unlawfully procuring licenses or certificates for buying and selling foreign currencies without lawful authority, and disobeying the executive order of the President.
The charges further stated that the defendants conducted themselves in a manner likely to cause a breach of peace by hoarding foreign currencies and selling them at high prices. These actions are said to contravene sections 203, 249 (d), 422, 425, and 516 of the Criminal Code Laws of Oyo State 2000.
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