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February 27, 2024

Three docked over alleged hoarding of foreign currencies

Three docked over alleged hoarding of foreign currencies

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned three men accused of hoarding foreign currencies.

The trio appeared at an Iyaganku Chief Magistrates’ Court, Ibadan, for allegedly hoarding foreign currencies and selling them at exorbitant prices without lawful authority.

The News Agency of Nigeria (NAN) reports that the suspects—Thomas Olatokunbo, 62; Dauda Ismail, 32; and Bello Muhammed, 29—all residents of Sabo area, Mokola in Ibadan, are facing a five-count conspiracy.

They are also accused of unlawfully procuring a licence or certificate for buying and selling foreign currencies, and disobeying the executive order of the President.

The defendants, however, pleaded not guilty to the charges.

The Chief Magistrate, Mr M. Mudasiru, granted the defendants bail in the sum of N1 million each, with two sureties in the same sum.

Mudasiru adjourned the matter till June 4 for a hearing.

According to the Police Prosecutor, Mr Amos Adewale, the defendants, along with others who are still at large, allegedly conspired to commit the crimes on February 21 in the Sabo area of Mokola in Ibadan.

Adewale said the trio allegedly obtained registration by false pretence in disobedience to a lawful order.

“The defendants, willfully and unlawfully, procured for themselves registrations, licences, 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 them at high prices,” the charges further read.

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