By Stephen Simon
The Federal High Court in Abuja has sentenced two Bureau De Change operators to five years imprisonment each for engaging in foreign exchange business without the required licence from the Central Bank of Nigeria.
Justice Obiora Egwuatu convicted Isah Sulaiman, who operates Sly Exclusive Multi Concept, and Aminu Abdullahi, alongside Ninext Multi-Ventures Limited, following charges filed by the Economic and Financial Crimes Commission.
The court also gave each convict an option of paying a N2 million fine.
The defendants were accused of operating Bureau De Change businesses without valid CBN authorisation, an offence under the Banks and Other Financial Institutions Act, 2020.
Court documents indicated that Abdullahi and Ninext Multi-Ventures allegedly carried out the unlicensed operation in Abuja between July 2021 and April 2026.
The defendants had pleaded guilty and entered into plea bargain arrangements with the EFCC. However, Justice Egwuatu rejected a proposed one-year sentence in Abdullahi’s case, holding that it was inconsistent with the punishment prescribed by law.
The court subsequently imposed the five-year sentence, with the option of a N2 million fine.
The conviction comes amid efforts by financial regulators to strengthen supervision of the Bureau De Change sector and ensure that foreign exchange transactions are conducted through authorised operators.
