In a bid to uphold financial regulations and combat illicit financial activities, the Economic and Financial Crimes Commission (EFCC) has taken decisive action against two Bureau-De-Change (BDC) operators in Maiduguri.
Ahmadu Haruna and Kabir Iliyasu found themselves in legal crosshairs as they were arraigned before Justice Fadimatu Aminu of the Federal High Court in Damaturu. The charges brought against them stem from allegations of conducting bureau de change business without the requisite license.
Haruna's charge, as presented by the EFCC, accuses him of engaging in unauthorized financial activities between June 2023 and 2024 in Damaturu, Yobe State, contravening sections 57 and 59(5) of the Bank and other Financial Institutions Act, 2020.
Upon being presented with the charges, both defendants pleaded "not guilty," prompting the prosecution counsel, Mukhtar Ali Ahmad, to request a trial date and the defendants' remand in prison custody. However, the defendants' counsel, I. Abdulmalik, petitioned the court for bail pending the trial's determination.
Justice Aminu, after due consideration, granted bail to the defendants in the sum of N5,000,000 each, with two sureties of equal value. Notably, one surety must be a traditional ruler or religious leader, while the other must be a respected elder residing in any Local Government Area of Yobe State.
The court set April 16, 2024, as the commencement date for trial and ordered the defendants' remand at the Potiskum Correctional Facility until their bail conditions are met.
The legal proceedings underscore the EFCC's commitment to enforcing financial regulations and holding individuals accountable for engaging in unauthorized financial activities, thereby safeguarding the integrity of the financial sector.
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