From Taiye Joseph, Ilorin
The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), has intensified its crackdown on financial crimes, securing the conviction of two individuals in Kwara State for illegal forex trading and cyber fraud.
Abubakar Suleiman, a 51-year-old from Burya village in Baruten Local Government Area, was convicted for running an unlicensed Bureau De Change business, while Lawal Farauq from Offa Local Government Area was sentenced for internet fraud.
Justice Abimbola Awogboro of the Federal High Court, Ilorin, sentenced both men on Tuesday, March 25, 2025, after they pleaded guilty to the charges against them. Prosecutors Aliyu Adebayo and Andrew Akoja presented evidence, including monetary exhibits and statements obtained during investigations, to support the cases.
Abubakar was sentenced to 300 hours of community service and ordered to forfeit CFA 3,360,000, N220,000, and N71,000 in counterfeit naira notes to the Federal Government. Lawal, found guilty of impersonating a foreign national to defraud a victim of $70, received 200 hours of community service, with the court also ordering the forfeiture of his iPhone 6s Plus and the stolen funds.
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An EFCC official, speaking on the development, warned against engaging in illegal financial activities. “Operating without a proper license and defrauding unsuspecting individuals will not be tolerated. The EFCC is committed to ensuring financial discipline and upholding the law,” the official stated.
The convictions reaffirm the EFCC’s commitment to combating financial crimes, particularly unregulated forex dealings and online fraud, which have been on the rise in recent years.
