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      Three Kwara naira racketeers jailed, forfeit N1.3m

      In a recent crackdown on illegal currency dealings, the Federal High Court in Ilorin, Kwara State, has handed down sentences to three individuals involved in naira racketeering. The convicts, Asmau Wuraola, Owoduni Abdullahi Isa, and Shuaibu Rukayat, faced justice on Tuesday for their roles in selling the Nigerian currency for profit, a violation of the Central Bank of Nigeria Act, 2007.

      Justice Evelyn Anyadike, who presided over the case, found the trio guilty after they pleaded guilty to the charges brought against them by the Economic and Financial Crimes Commission (EFCC). The charges were centred around the trading of naira notes issued by the Central Bank of Nigeria on February 17, an act punishable under Section 21 of the Central Bank of Nigeria Act.

      Asmau Wuraola received a sentence of two months in prison but was given the option of an N50,000 fine. Additionally, she was ordered to forfeit N1,020,000 found in her possession to the Federal Government, and the POS machine recovered from her was to be destroyed by the EFCC.

      Owoduni Abdullahi Isa faced a harsher sentence of six months in prison, also with the option of a N50,000 fine. He was ordered to forfeit N150,000 recovered from him to the Federal Government.

      Similarly, Shuaibu Rukayat was sentenced to six months in prison with the option of a N50,000 fine, and was required to forfeit N200,000 recovered from him to the Federal Government.

      This legal action is part of a broader initiative by the Federal Government to combat the illicit trade of the Nigerian currency, which has contributed to the naira’s depreciation. Recent efforts have seen the prosecution of illegal Bureau de Change operators across Nigeria, including notable cases in Kano and Port Harcourt, as well as an attempted arraignment of 19 BDC operators in Lagos, which was eventually aborted by the police.

      These measures highlight the government’s intensified efforts to regulate currency trading and stabilize the naira by targeting those who violate the country’s financial regulations.

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