Racketeering ring busted: Two convicted, jailed for manipulating currency in Ibadan

Stanley Ihedigbo

Justice E.U Akpan of the Federal High Court sitting in Ibadan, Oyo State, has convicted and sentenced two currency racketeers to six months imprisonment each.

According to the Head, Media and Publicity, Economic and Financial Crimes Commission (EFCC), Mr. Dele Oyewale, the convicts were jailed upon being arraigned by the Ibadan Zonal Directorate of the Commission,  on one-count charge bordering on naira abuse . They pleaded guilty to the charge.

The one lone-count  charge reads: “That you Suleiman Kolawole Nurudeen and Yekeen Kazeem Ayoade on or about the 20th day of February, 2024 in Ibadan within the jurisdiction of this Honourable court did sell the sum of N50, 000.00  denominations, issued by the Central Bank of Nigeria for the sum of N60, 000.00  and thereby committed an offence contrary to Section 21 (4) of the Central Bank Act 2007 and Punishable under Section 21 (1) of the same Act.”

Based on their plea,  prosecution counsel Mabas Mabur reviewed the facts of the case, tendered evidence and urged the court to sentence the defendants as  charged.

Justice Akpan thereafter convicted and sentenced the two convicts to six months imprisonment or an option of fine of N50,000.

Furthermore, the convicts forfeited the sum of N224, 000.00 and one blue coloured Moniepoint Point of Sale (POS) to the Federal Government.

The convicts bagged their imprisonment when they were arrested on February 20, 2024 and arraigned on May 24, 2024 for currency racketeering.

They were charged to court and convicted.