17 Bureau de Change operators have been convicted for conducting business without the necessary license, thereby, contravening Section 57 (5) (b) of the Banks and Financial Institutions Act of 2020.
The BDC operators were arrested last week at Wapa market in Fagge LGA of Kano in a joint operation involving the police and operatives of the Department of State Services (DSS).
Upon arrest, security operatives seized 68,000 CFA francs and 30,000 rupees from the suspects as evidence of their unlawful operations.
Justice Muhammad Nasir Yunusa of the Federal High Court in Kano State on Monday however convicted and sentenced them.
Each offender was sentenced to either six months’ imprisonment or a fine of N50,000.
The convicted individuals, including Ayuba Ibrahim, Idris Saidu, Idris Usman, Shuaibu Muhammad, Hamisu Ilyasu, and 12 others, pleaded guilty to the one-count charge during their summary trial.
