Forex Mutilation: Nigerian Man Jailed For Utilizing Cash To Make Jewellery

A person recognized as Ibrahim Musa Dabai has been arraigned earlier than Justice M.N Yunusa of the Federal Excessive Court docket sitting in Kano by the Kaduna Zonal Command of the Financial and Monetary Crimes Fee, EFCC, on a one-count cost bordering on tampering with Nigerian forex.

Mr. Ibrahim, was arrested by officers of the Nationwide Drug Regulation Enforcement Company, NDLEA alongside Abuja-Kaduna Expressway with cash which he claims he makes use of to supply jewellery for business functions.

He was subsequently handed over to the EFCC for additional investigation.

The convict through the course of investigation acknowledged that he has been within the enterprise of changing cash into jewellery starting from rings, earrings, bracelets and others for 25 years.

The cost reads, “that you just, Ibrahim Musa Dabai someday in March, 2023 at Kano, throughout the jurisdiction of the Federal Excessive Court docket, voluntarily engaged in tampering with Nigerian forex to wit: cash issued by the Central Financial institution of Nigeria while you used similar to supply jewellery for business objective and thereby dedicated an offence opposite to and punishable below Part 21 (1) of the Central Financial institution of Nigeria Act, 2007”.

He pleaded responsible to the cost. The prosecution counsel, N. Salele urged the court docket to convict the defendant accordingly.

Justice Yunusa convicted and sentenced the defendant to three months imprisonment or a wonderful of N30,000.

As well as, the mutilated forex is to be returned to the Central Financial institution of Nigeria, CBN for destruction in line with the provisions of the CBN Act, 2007.