Court Jails Two for N1.3m Illegal Currency Trading: Sentences Imposed by Federal High Court

A Federal High Court in Ibadan has sentenced two men, Oluwaseun Nwankpa and Olayode Fadaiya, to three months imprisonment each for their involvement in illegal currency trading amounting to N1.3 million.

The judgment was delivered by Justice Ekerete Akpan, who took into account the evidence provided by the Department of States Services (DSS) against the defendants.

Justice Akpan stated that the punishment was reduced due to the defense counsel’s plea for leniency, as well as the fact that the defendants were first-time offenders who showed remorse and a willingness to turn a new leaf.

In addition to their three-month prison sentence, Nwankpa and Fadaiya were ordered to forfeit 10% of the money found in their possession to the Federal Government, with the remaining 90% to be released to the convicts to start a legitimate business.

The DSS Prosecutor, Mr. T.A. Nurudeen, informed the court that the defendants committed the crime in February in Ibadan, Oyo State, with Nwankpa apprehended with a total cash of N844,600 and Fadaiya caught in possession of N469,000.

Defense counsel Mr. Saheed Ishola pleaded with the court to be lenient with his clients, emphasizing their remorse and the fact that this was their first offense.

This case highlights the ongoing efforts of the Nigerian authorities to crack down on illegal currency trading and other financial crimes in the country, sending a strong message that such activities will not be tolerated.

The judgment serves as a deterrent to others, demonstrating the consequences of engaging in illicit financial activities.