From Taiye Joseph, Ilorin
An Ilorin Federal High Court, has sentenced two individuals, Musa Buba and Akinwale Olamilekan, to 300 hours of community service each for engaging in illegal forex trading and cyber fraud.
The ruling aligns with the federal government’s intensified efforts to regulate financial transactions and combat online fraud.
Justice Abimbola Awogboro, delivered the verdict, mandating that both convicts serve five hours of community service daily without an option of a fine. The Economic and Financial Crimes Commission (EFCC), Ilorin Zonal Directorate, prosecuted the defendants on separate charges.
Musa Buba was convicted for illegally operating a bureau de change business in Chikanda Market, Baruten Local Government Area of Kwara State, without a valid license from the Central Bank of Nigeria (CBN). His case highlights the ongoing crackdown on informal forex trading amid fluctuations in the naira’s value.
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Similarly, Akinwale Olamilekan, a native of Owena Ijesha, Osun State, was found guilty of cyber fraud. He was accused of impersonating “Mary Williams” via iMessage to defraud an American, Mark Durham, of $950.
Both individuals pleaded guilty to their respective charges. Prosecuting counsel Andrew Akoja, presented unchallenged evidence that led to their conviction.
In addition to their sentences, the court ordered the forfeiture of N1,973,200 and 409,500 CFA francs found in Musa Buba’s possession. Akinwale Olamilekan was also ordered to forfeit $450, an iPhone 12 Pro Max used in committing the fraud, and funds he had restituted.
A court official, speaking anonymously, described the judgment as a stern warning to those engaging in unauthorized financial dealings. “The judiciary remains committed to enforcing banking regulations and cybersecurity laws,” the source stated.
The case underscores the EFCC’s ongoing efforts to sanitise Nigeria’s financial sector and curb illicit transactions.
