Three Individuals Arraigned for Alleged Hoarding of Foreign Currencies in Oyo

On Monday, the Economic and Financial Crimes Commission (EFCC) brought charges against three men accused of hoarding foreign currencies.

The trio appeared at an Iyaganku Chief Magistrates’ Court, Ibadan, for allegedly hoarding foreign currencies and selling same at exorbitant prices, without lawful authority.

The News Agency of Nigeria (NAN) reports that the suspects – Thomas Olatokunbo, 62, Dauda Ismail, 32, and Bello Muhammed 29 – all residents of Sabo area, Mokola in Ibadan, are facing a five-count bordering on conspiracy.

They are also accused of unlawfully procuring a license or certificate for buying and selling of foreign currencies, and disobeying the executive order of the President.

The defendants, however, pleaded not guilty to the charges.
The Chief Magistrate, Mr M. Mudasiru, granted the defendamts bail in the sum of N1 million each, with two sureties in like sum.
Mudasiru adjourned the matter till June 4, for hearing

According to the Police Prosecutor, Mr Amos Adewale, the defendants, with others now at large, on February 21, at Sabo area, Mokola, Ibadan, allegedly conspired to commit the offences. Adewale said the trio allegedly obtained registration by false pretence in disobedience to lawful order.

“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,” the charges further read.

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