Court sentences BDC operators to 5 years for operating without CBN licence
The Federal High Court in Abuja on Monday sentenced two Bureau De Change (BDC) operators to five years’ imprisonment each, with an option of a N2 million fine, for conducting BDC business without a valid licence from the Central Bank of Nigeria (CBN). The post Court sentences BDC operators to 5 years for operating without CBN licence appeared first on Nairametrics .
On Monday, two Bureau De Change (BDC) operators received five-year prison sentences each, with the possibility of a N2 million fine, for operating without a valid Central Bank of Nigeria (CBN) licence. The Federal High Court in Abuja delivered the verdicts in two separate cases brought by the Economic and Financial Crimes Commission (EFCC).
The defendants are Isah Sulaiman, trading as Sly Exclusive Multi Concept, and Aminu Abdullahi, who was co-accused with Ninext Multi-Ventures Ltd. The two had previously pleaded guilty to the charges, opting for a plea bargain arrangement. This latest conviction is part of the EFCC's ongoing investigation into individuals and companies allegedly operating financial institutions without proper licences.
In 2024, the CBN released updated guidelines for BDCs, requiring them to reapply for licences online and comply with new regulatory requirements within six months. The new rules banned BDCs from engaging in options and derivatives trading, international transfers, dealing with crypto assets or entities dealing in crypto assets.
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