The Maiduguri Zonal Command of the Economic and Financial Crimes Commission (EFCC) took three people to court for running illegal money exchange businesses without permission. The court case happened on March 14, 2024, in Maiduguri, Borno State.
The accused individuals are Mustapha Abatcha, Adam Mohammed, and Mohammed Ali. They were each charged with operating a money exchange business without the proper license from the Central Bank of Nigeria.
Abatcha’s charge states that he conducted this business between 2020 and 2024 in Maiduguri, Borno State, without the necessary license, which goes against the Banks and other Financial Institutions Act of 2020.
During the court proceedings, the defendants said they were not guilty of the charges brought against them by the EFCC.
The EFCC’s lawyers asked for a trial date and requested that the defendants be kept in a Correctional Centre until the trial. However, the defendants’ lawyer asked the court to grant them bail.
Justice Dagat decided to grant bail to the defendants. They were each asked to pay a bail amount of One Million Naira and provide two sureties who live in Maiduguri. One of the sureties must be a relative of the defendant.
The trial is set to begin on May 28, 2023, and until then, the defendants will remain in the Maiduguri Correctional Centre unless they meet their bail conditions.
