Court Remands BDC Operator Over N250m Fraud Allegations

Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja has remanded a Bureau-De-Change (BDC) operator, Muhammed Usman, at the Kirikiri Centre of the Nigerian Correctional Centre over an alleged N250 million fraud.

Justice Ijelu ordered that Usman be kept behind bars after he was arraigned before him alongside his company, Masha Allah International Resources Limited, by the Economic and Financial Crimes Commission (EFCC) on a four-count charge of obtaining money by false pretence and stealing.

The EFCC counsel, Ahmed Yerima, told the judge that the defendant and his company deceitfully induced and obtained N250 million in various sums from their victims.

Yerima also alleged that on August 22, 2022, in Lagos, with intent to defraud, the defendants deceitfully induced one Abdullahi Dalhatu Isa of Yarinya & Co Farms Limited to pay the sum of N34,350,000.00 into his Access Bank account on the understanding that he has in stock the equivalent foreign currency for exchange at the rate of 685 Naira per one US Dollar, which pretence he knew was false.

The lawyer further claimed that sometime in 2022 in Lagos, with intent to defraud, the defendants induced one Alhaji Lawal A.A. of Three Brothers Rice Mill Limited to pay the total sum of N34,175,000.00 and N47, 950,000.00 into his Access Bank account on the understanding that he has in stock, the equivalent foreign currency for exchange at the rate of N683.5  per one US Dollar, which pretence he knew to be false.

The prosecutor also informed the judge that the defendants allegedly obtained the sum of N67,600,000.00 through his Providus Bank account from one Suleiman Bashiru on the understanding that he had in stock the equivalent foreign currency of the said sum for exchange at the rate of 675 Naira per one US Dollar, which pretence he knew was false.

Yerima also maintained that the defendants allegedly obtained $37,314.00 from one Faisan Haruna on the understanding that he would give him the naira equivalent which he knew was false.

The defendants, however, pleaded not guilty to the charge.

Following his plea, Yerima urged the court to fix a trial date to enable the prosecution to assemble its witnesses and for an order of the court to remand the first defendant at a custodial facility.

But the defence counsel, Jimoh Bashir, urged the court to remand the first defendant in EFCC custody.

Bashir informed the court that he was in the process of filing his client’s bail application and that it would be served on the prosecution soon.

Justice Ijelu, therefore, ordered that the first defendant be remanded at the Kirikiri Correctional Centre and then adjourned the case to June 19 for the commencement of the trial.