The Economic and Financial Crimes Commission (EFCC) on Monday arraigned three men accused of hoarding foreign currencies.
The trio made an appearance at the Iyaganku Chief Magistrates’ Court in Ibadan, facing allegations of unlawfully stockpiling foreign currencies and selling them at inflated prices without proper authorization.
According to the report by the News Agency of Nigeria (NAN), the accused individuals—Thomas Olatokunbo, 62; Dauda Ismail, 32; and Bello Muhammed, 29—residing in the Sabo area of Mokola, Ibadan, are charged with five counts of conspiracy.
They are also accused of unlawfully obtaining a license or certificate for the purchase and sale of foreign currencies, as well as disregarding the President’s executive order.
However, the defendants entered pleas of not guilty to the charges.
Chief Magistrate Mr. M. Mudasiru granted each defendant bail in the sum of N1 million, with two sureties of equal amount.
The matter was adjourned until June 4 for further proceedings.
According to the Police Prosecutor, Mr Amos Adewale, the defendants, along with others who are still at large, allegedly conspired to commit the crimes on February 21 in the Sabo area of Mokola in Ibadan.
Adewale said the trio allegedly obtained registration by false pretence in disobedience to a lawful order.
“The defendants, willfully and unlawfully, procured for themselves registrations, licences, 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 them at high prices,” the charges further read.
He stated that the crimes violated provisions outlined in sections 203, 249 (d), 422, 425, and 516 of the Criminal Code Laws of Oyo State 2000.