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  • Crime
  • Updated: April 24, 2024

Two men land in jail for illegal currency trading

Two men land in jail for illegal currency trading

In the Ibadan Division of the Federal High Court, two men, Oluwaseun Nwankpa and Olayode Fadaiya, have been sentenced to three months' imprisonment for engaging in illegal currency trading totaling N1.3 million.

Justice Ekerete Akpan delivered the verdict, citing evidence presented by the State Security Service (SSS) against the defendants.

Akpan noted the defense counsel's plea for leniency, which led to a reduction in the sentence. He also considered the defendants' status as first-time offenders, their display of remorse, and willingness to reform.

”To serve as a deterrent to others, each convict is sentenced to three months in prison.

”Nwankpa shall forfeit 10 per cent of the money found in his possession to the federal government.

”Similarly, Fadaiya shall forfeit 10 per cent of the money found in his possession to the federal government.

”The remaining 90 per cent shall be released to each of the convicts to start a legitimate business,” Akpan said.

Earlier, Saheed Ishola, the defence counsel, pleaded with the court to be lenient with his clients.

The SSS prosecutor, T.A. Nurudeen, told the court that the convicts were being tried for unlawful currency trading.

Nurudeen added that the duo committed the crime sometime in February in Ibadan, Oyo State.

He said Nwankpa was apprehended with total cash of N844,600, while Mr Fadaiya was caught with N469,000 while in their hideouts. 

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