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  • Crime
  • Updated: February 27, 2024

Oyo: Three arraigned by EFCC for hoarding foreign currencies

Oyo: Three arraigned by EFCC for hoarding foreign currencies

The Economic and Financial Crimes Commission (EFCC) brought three individuals before the Iyaganku Chief Magistrates' Court in Ibadan on Monday.

They were accused of stockpiling foreign currencies and selling them at excessively high prices without the necessary licence.

The suspects are Thomas Olatokunbo, 62, Dauda Ismail, 32, and Bello Muhammed, 29, all of whom live in the Sabo area of Mokola in Ibadan and are charged with conspiracy.

Allnews.ng gathered that the 3 suspects are also accused of unlawfully obtaining a licence or certificate for purchasing and selling foreign currencies, as well as breaching the President's executive order.

Regardless of the accusations, the defendants have pled not guilty.

In his verdict, Chief Magistrate M. Mudasiru ordered bail for the accused people in the amount of N1 million apiece, coupled with two sureties of similar value, and adjourned the case to June 4.

According to a statement from Police Prosecutor Amos Adewale, the accused people, together with accomplices who are presently on the run, allegedly conspired to perpetrate the crimes on February 21 in the Sabo area of Mokola, Ibadan.

Adewale stated that the trio reportedly obtained registration using deceptive ways in violation of a legal requirement.

He said: “The defendants, willfully and unlawfully, procured for themselves registrations, licenses or certificates for buying and selling of foreign currencies without lawful authority

“Without lawful excuse, Olatokunbo, Ismail, and Muhammed allegedly disobeyed the executive order of the President proscribing the buying and selling of foreign currencies

“The defendants allegedly conducted themselves in a manner likely to cause breach of peace by hoarding foreign currencies and selling same at high prices.”

He claimed the offences violated sections 203, 249 (d), 422, 425, and 516 of the Criminal Code Laws of Oyo State 2000.

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