Fake Bureau De Change Operator Sentenced to 87 Years in Sokoto for N325 Million Fraud

In a significant legal development, Justice Malami Dogondaji of the Sokoto State High Court has delivered a verdict that sent a clear message against financial fraud.

Ahmad Abubakar Ahmad, a fake bureau de change operator, was convicted and sentenced to 87 years in prison for criminal breach of trust and obtaining money by false pretense amounting to N325,800,000 (Three Hundred and Twenty-Five Million, Eight Hundred Thousand Naira).

The conviction came on Thursday, October 5, 2023, following Ahmad’s guilty plea to 12 counts of charges related to criminal breach of trust and obtaining money by false pretense.

One of the charges read: “That you Abubakar Ahmad Abubakar sometime in October 2022 in Sokoto, while being entrusted with property totaling N80,100,000.00 (Eighty Million One Hundred Thousand Naira) by one Usama Abdullahi for the purpose of Bureau de Change business, dishonestly converted the said property/sum to your personal use in violation of the trust, thereby committing the offense of Criminal Breach of Trust contrary to Section 300 of the Sokoto State Penal Code Law 2019 and punishable under Section 301 of the same Law.”

Another charge similarly outlined a similar offense committed in March 2023, where Ahmad allegedly converted N50,000,000 (Fifty Million Naira) entrusted to him by one Najib Hamza for the same purpose.

Upon his arraignment, Ahmad pleaded guilty to all 12 counts of charges, leading EFCC’s counsel, Kufre Ekpeyoung, to request the court to convict him accordingly. In contrast, the defense counsel, Hamza Liman, appealed for a lighter sentence, citing Ahmad’s status as a first-time offender.

Justice Dogondaji subsequently rendered a judgment that sentenced Ahmad Abubakar Ahmad to 87 years in prison, with an alternative fine of N200,000.00 (Two Hundred Thousand Naira) for each count, totaling N2,400,000.00 (Two Million Four Hundred Thousand Naira). The court further ordered restitution of N225,661,000 (Two Hundred and Twenty-Five Million Six Hundred and Sixty-One Thousand Naira) to all the victims, to be facilitated through the EFCC.

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Ahmad’s legal troubles began when he was apprehended by operatives of the Sokoto Zonal Command of the EFCC. Investigations uncovered his fraudulent activities, where he defrauded 12 different individuals of varying sums of money by falsely promising lucrative returns on investments in his purported bureau-de-change business. However, he failed to deliver on these promises and never returned the invested funds to his victims.

Justice has been served in this case, sending a clear message that financial fraud will not be tolerated, and perpetrators will be held accountable for their actions.

Credit: EFCC Nigeria X-handle, @officialEFCC