In a recent verdict, Justice A.K Dagat of the Federal High Court in Maiduguri, on Thursday, May 9, 2024, handed down a one-year prison sentence to Bana Alhaji Lawan for engaging in bureau de change activities without the necessary license.
The Maiduguri Zonal Command of the Economic and Financial Crimes Commission (EFCC) brought Lawan before the court on a single count charge related to his unauthorized bureau de change operations.
The charge read: “That you, Bana Alhaji Lawan, between 2007 and 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 a license issued by the Central Bank of Nigeria, contrary to Sections 57(5) and 59 of the Bank and other Financial Institutions Act, 2020.”
Lawan, upon being presented with the charge, pleaded guilty.
The prosecution counsels, Faruku Muhammad and A. D Aliyu, urged the court to convict and impose the appropriate sentence, while the defense counsel, H. Waziri, appealed for leniency.
In delivering the judgment, Justice Dagat found Lawan guilty as charged and sentenced him to one year in prison with an option to pay a fine of N100,000.00 (One Hundred Thousand Naira).
Lawan's conviction stemmed from his unlawful operation of a bureau de change business in Maiduguri, which led to his arrest, subsequent trial, and conviction.
This verdict underscores the importance of adhering to regulatory requirements in financial transactions and serves as a deterrent to others engaged in similar illicit activities.
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