Illegal Currency Trade: Court Convict Chinese National, 2 Others


The Economic and Financial Crimes Commission, today March 6th, 2018 secured the conviction of a Chinese National, Ma Yongbin and two others, Abdullahi Obaka and Rose Ayaele before honourable Justice J.K Daggard of the Federal High Court sitting in Kano on a one count charge of dealing in currency without authority.
The convicts ran into troubled waters when the daughter to the first convict Ma Yongbin, was arrested at the Malam Aminu Kano International Airport while trying to board Egypt Air to China by officers of the Nigeria Customs Service. Upon her arrest, it was discovered that she was carrying the sum of N420,000 (Four Hundred and Twenty Thousand Naira) undeclared cash.
During investigation, Cao Xue daughter to the first convict disclosed in her statement that she was transporting the cash on behalf of her father.
When the Yogbin was interrogated as to where he got the money, he revealed that he bought the money from the second and third convict, Abdullahi Obaka and Rose Anyaele. The duo were subsequently arrested at Lagos Street, Kano where they engage in buying and selling of Nigerian naira without lawful authority.
Upon listening to the one count charge, Yongbin and his co-defendants pleaded guilty and were accordingly convicted by the court.
The convicts entered a guilty plea base on plea bargain agreement they approached the commission with.
After reviewing the facts of the case, Justice Daggard sentenced the convicts to six months imprisonment with option of N50,000 (Fifty Thousand Naira) only each.
The court also ordered that the sum N393,000 (Three Hundred and Ninety Three Thousand Naira) be forfeited to the Federal Government of Nigeria while the remaining N27,000 (Twenty Seven Thousand Naira) only be returned to the first convict.

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Hamilton Nwosa

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