The Economic and Financial Crimes Commission (EFCC) has arrested three men, identified as Thomas Olatokunbo, 62; Dauda Ismail, 32; and Bello Muhammed, 29, for allegedly hoarding foreign currencies, News About Nigeria reports.
The three men were arrested on Monday, and appeared at an Iyaganku Chief Magistrates’ Court, Ibadan, for allegedly hoarding foreign currencies and selling them at exorbitant prices without lawful authority.
The three men, who are all residents of the Sabo area of Mokola in Ibadan, are reportedly facing a five-count conspiracy.
They have also been accused of unlawfully procuring a licence or certificate for buying and selling foreign currencies and disobeying the executive order of the President.
The defendants, however, pleaded not guilty to the charges.
The Police Prosecutor, Mr. Amos Adewale, stated that 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.
According to him, 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 read.
The Chief Magistrate, Mr M. Mudasiru, however, granted the defendants bail in the sum of N1 million each, with two sureties in the same sum, and adjourned the matter till June 4 for a hearing.
