Three individuals, Asmau Wuraola, Owoduni Abdullahi Isa, and Shuaibu Rukayat, have been convicted and sentenced to jail terms by the Federal High Court in Ilorin, Kwara State, for engaging in naira racketeering.
The convicts were arraigned by the Economic and Financial Crimes Commission (EFCC) and charged with trading in naira notes issued by the Central Bank of Nigeria, contravening Section 21(4) of the Central Bank of Nigeria Act, 2007.
Having pleaded guilty to the charges, the defendants were found liable for punishment under Section 21(1) of the same Act.
During the proceedings, it was revealed that naira notes were recovered from the convicts.
In delivering judgment, Justice Evelyn Anyadike pronounced the defendants guilty and handed down the following sentences:
– Asmau Wuraola: Two months imprisonment with an option of a fine of N50,000. Additionally, the sum of N1,020,000 recovered from her was ordered to be forfeited to the Federal Government, and the POS machine recovered from her was directed to be destroyed.
– Owoduni Abdullahi Isa: Six months imprisonment with an option of a fine of N50,000. Furthermore, the sum of N150,000 recovered from him was forfeited to the Federal Government.
– Shuaibu Rukayat: Six months imprisonment with an option of a fine of N50,000. Similarly, the sum of N200,000 recovered from him was ordered to be forfeited to the Federal Government.
This judgment underscores the Federal Government’s ongoing efforts to combat illegal currency trading, which has been identified as a contributing factor to the devaluation of the naira. Recent actions by law enforcement agencies across the country reflect a concerted crackdown on illicit currency operations, aiming to stabilize the national currenc
