Three Convicted for Naira Racketeering in Kwara State

In a decisive move against naira racketeering, the Federal High Court in Ilorin, Kwara State, has convicted and sentenced three individuals to various jail terms. Asmau Wuraola, Owoduni Abdullahi Isa, and Shuaibu Rukayat were found guilty by Justice Evelyn Anyadike and arraigned by the Economic and Financial Crimes Commission (EFCC).

The defendants were charged with trading in naira notes, an offence 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, as stated by the EFCC prosecutor, Innocent Mbachie.

In her judgment, Justice Anyadike sentenced Wuraola to two months imprisonment or a fine of N50,000, with the sum of N1,020,000 recovered from her forfeited to the Federal Government. Additionally, the judge ordered the destruction of the POS machine recovered from her possession. Isa was sentenced to six months imprisonment or a fine of N50,000, with N150,000 recovered from him forfeited to the Federal Government. Rukayat also received a six-month prison sentence or a fine of N50,000, with N200,000 recovered from him forfeited to the Federal Government.

This legal action underscores the government’s commitment to curbing illegal currency trading and stabilizing the naira. Recent similar prosecutions, including in Kano and Port Harcourt, demonstrate a nationwide crackdown on illegal currency dealers. While 19 Bureau de Change operators faced arraignment in Lagos, charges were withdrawn by the police at the last minute on Monday.