EFCC Arraigns Trio for Illegally Hoarding and Selling Foreign Currencies

The Economic and Financial Crimes Commission (EFCC) on Monday, presented three individuals before the Iyaganku Chief Magistrates’ Court in Ibadan for allegedly hoarding foreign currencies and reselling them at exorbitant rates without proper authorization.
The accused, Thomas Olatokunbo (62), Dauda Ismail (32), and Bello Muhammed (29), all residents of Sabo area, Mokola in Ibadan, face charges related to conspiracy, unlawful acquisition of currency trading licenses, and defiance of presidential directives.
Despite their denial of the charges, the Chief Magistrate, M. Mudasiru, granted each defendant bail in the sum of N1 million with two sureties of equal value.
The case has been adjourned until June 4 for further proceedings.
As per the statement from the Police Prosecutor Amos Adewale, the defendants, along with fugitive accomplices, allegedly perpetrated the offenses on February 21 in the Sabo area of Mokola, Ibadan.
They purportedly obtained trading licenses deceitfully and violated presidential orders against unauthorized currency trading, potentially inciting public unrest.
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.”
The accused individuals face charges under sections 203, 249 (d), 422, 425, and 516 of the Criminal Code Laws of Oyo State 2000.
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