Court jails BDC operator over naira rejection, illegal forex dealings in Kwara

The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of a 46-year-old Bureau De Change (BDC) operator, Muhammed Inuwa, for refusing to accept the naira as legal tender and for operating without a valid licence.

Inuwa was on Wednesday sentenced to six months’ imprisonment by Justice Abimbola Awogboro of the Federal High Court sitting in Ilorin after being found guilty on a two-count charge filed against him by the EFCC.

The conviction was disclosed in a statement issued by the anti-graft agency.

According to the EFCC, Inuwa committed the offence on July 25, 2024, when he rejected the naira and accepted $100 as payment for a Jallabiya, a loose-fitting traditional garment, and a wristwatch. The act was said to be in violation of Section 20(5) of the Central Bank of Nigeria Act, 2007.

He was also charged with operating a Bureau De Change business without a valid licence issued by the Central Bank of Nigeria between July and December 2024 in Lokoja, Kogi State, contrary to Section 57(5) of the Bank and Other Financial Institutions Act, 2020.

The defendant pleaded guilty to both charges when they were read to him in court.

Following his plea, the prosecuting counsel, Innocent Mbachie, called the investigating officer, Babatunde Olotu, to present the facts of the case and explain the circumstances leading to Inuwa’s arrest. Mbachie subsequently urged the court to convict and sentence the defendant in line with the plea bargain agreement dated January 15, 2026.

In his judgment, Justice Awogboro found Inuwa guilty as charged and sentenced him to six months’ imprisonment on each count, to run concurrently. The court, however, gave him an option of a fine of ₦250,000 on each count.