EFCC Arraigns Three In Court Over Alleged Hoarding Of Foreign Currencies In Oyo

Three individuals were brought before the Iyaganku Chief Magistrates’ Court in Ibadan yesterday by the Economic and Financial Crimes Commission (EFCC) for allegedly hoarding foreign currencies and selling them at excessively high prices without proper authorization.

The suspects are Thomas Olatokunbo, aged 62, Dauda Ismail, aged 32, and Bello Muhammed, aged 29, all residents of the Sabo area, Mokola in Ibadan, who are facing charges related to the conspiracy.

The trio are also accused of unlawfully obtaining a license or certificate for the buying and selling of foreign currencies, as well as disobeying the executive order issued by the President.

Despite the charges, the defendants have pleaded not guilty.

In his ruling, the Chief Magistrate, M. Mudasiru, approved bail for the accused individuals in the amount of N1 million each, along with two sureties of equal value and postponed the case for further proceedings until June 4.

As per the statement from the Police Prosecutor, Amos Adewale, the accused individuals, along with accomplices who are currently on the run, supposedly conspired to commit the crimes on February 21, in the Sabo area of Mokola, Ibadan.

Adewale mentioned that the trio allegedly acquired registration through deceitful means in defiance of a lawful directive.

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.”

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