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July 25, 2024

Court jails two for N1.3m illegal currency trading


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

Delivering the judgment, Justice Ekerete Akpan, said he sentenced Nwankpa and Fadaiya based on the evidence tendered against them by the Department of States Services (DSS).

Akpan said that he reduced the punishment of the duo because of the defence counsel’s plea for the court to apply leniency.

He also stated that the convicts were first time offenders who showed remorse and willingness to turn a new leaf.

”To serve as a deterrent to others, each of the convicts is sentenced to three months in prison.

”Nwankpa shall forfeit 10 per cent of the money found in his possession to the Federal Government.

”Similarly, Fadaiya shall forfeit 10 per cent of the money found in his possession to the Federal Government.

”The remaining 90 per cent shall be released to each of the convicts to start a legitimate business,” Akpan held.

Earlier, Mr Saheed Ishola, the defence counsel, pleaded with the court to be lenient with his clients.

The DSS Prosecutor, Mr T.A. Nurudeen, told the court that the convicts were being tried for unlawful currency trading.

Nurudeen added that the duo committed the crime sometime in February in Ibadan, Oyo State.

He said that Nwankpa was apprehended with a total cash of N844,600, while Fadaiya was caught in possession of 469,000 while in their hideouts





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