Federal High Court Jails 2 BDC Operators for 5 Years, Reasons Emerge
- Justice Obiora Egwuatu of the Federal High Court in Abuja convicted two BDC operators on Monday in separate EFCC cases
- Both defendants had pleaded guilty and entered plea bargain agreements, but the court rejected a proposed one-year sentence in one case
- The convictions were brought under Section 57(5) of the Banks and Other Financial Institutions Act 2020
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
A Federal High Court in Abuja has sentenced two Bureau De Change operators to five years in prison each for running BDC businesses without a valid licence from the Central Bank of Nigeria.
Justice Obiora Egwuatu handed down the sentences on Monday in two separate cases brought by the Economic and Financial Crimes Commission (EFCC).
The prosecutor in both cases was T.M. Anamaeze.
Source: Twitter
The first defendant, Isah Sulaiman, traded under the name Sly Exclusive Multi Concept. The second, Aminu Abdullahi, was prosecuted alongside his company, Ninext Multi-Ventures Ltd. Abdullahi and Ninext Multi-Ventures were accused of operating a BDC business without a CBN licence between July 2021 and April 2026 in Abuja.
Both defendants had earlier appeared in court, where they pleaded guilty and entered into plea bargain agreements with the EFCC.
The charges against the defendants cited an offence under Section 57(5) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
Court Rejects One-Year Plea Bargain Sentence
In the case involving Abdullahi and Ninext Multi-Ventures, Justice Egwuatu refused to accept the terms of the plea bargain, which had proposed a one-year prison sentence.
The judge held that the recommended term was inconsistent with the punishment set out under the relevant law, and instead directed the defendant to exercise his rights under the applicable legislation.
After Abdullahi's lawyer appealed to the court for a lighter sentence, Justice Egwuatu sentenced the convict to five years in prison or a fine of N2 million.
The judge ordered that the fine, if paid, must go directly into the Federal Government's Treasury Single Account.
He also ruled that Abdullahi must remain in custody until the fine is settled, while any time already spent in detention would count towards the five-year term.
Source: Twitter
Sulaiman Receives Identical Sentence
In the second case, Justice Egwuatu convicted Sulaiman of carrying out BDC operations through Sly Exclusive Multi Concept without obtaining the required CBN approval, Nairametrics reports.
He received the same sentence: five years in prison or a N2 million fine.
The twin judgments serve as a reminder that any business offering Bureau De Change services in Nigeria must first secure valid regulatory approval from the CBN before commencing operations.
CBN announces weekly dollar purchase cap for BDCs
Earlier, Legit.ng reported that the CBN has maintained its $150,000 weekly foreign exchange purchase ceiling for Bureau De Change (BDC) operators, publishing new operational guidelines that govern how licensed BDCs can access dollars through authorised dealer banks in the NFEM.
The regulatory guidance, addressed to authorised dealer banks and licensed BDC operators, details the procedures for implementing a February 10, 2026 circular that restored BDC access to the official foreign exchange market.
The CBN explicitly prohibited authorised dealer banks from imposing exclusivity arrangements.
Source: Legit.ng
