Court Sentences Two BDC Operators to Five Years

On Monday, a Federal High Court in Abuja sentenced two Bureau De Change operators, Isah Sulaiman and Aminu Abdullahi, to five years in prison each for conducting BDC businesses without a valid license from the Central Bank of Nigeria (CBN). Justice Obiora Egwuatu presided over the cases, which were brought by the Economic and Financial Crimes Commission (EFCC), with T.M.

Anamaeze serving as the prosecutor. Isah Sulaiman operated under the name Sly Exclusive Multi Concept, while Aminu Abdullahi was prosecuted alongside his company, Ninext Multi-Ventures Ltd.

Both defendants pleaded guilty and entered plea bargain agreements with the EFCC. However, Justice Egwuatu rejected the proposed one-year sentence for Abdullahi, stating it was inconsistent with the law.

Abdullahi was sentenced to five years or a fine of N2 million, with the fine directed to the Federal Government. Sulaiman received the same sentence for operating without the required CBN approval.

These rulings underscore the necessity for BDC services to secure valid regulatory approval before commencing operations.