EFCC Drags Bureau de Change Operator to Court Over N998.4m Fraud

EFCC Drags Bureau de Change Operator to Court Over N998.4m Fraud
Husaini Mohammed Auwal
Nigerian anti-graft agency, Economics and Financial Crimes Commission (EFCC) has dragged a Bureau de Change operator, Husaini Mohammed Auwal and his company, Humak Global Business Links before Justice J.O Abdulmalik to court over allegation of illegal financial transactions to the tune of N998,421,564.00 (Nine Hundred and Ninety Eight Million, Four Hundred and Twenty-one Thousand, Five Hundred and Sixty-four Naira only).

Statement released by the commission stated that "Auwal and his company’s arraignment on a six-count charge bordered on Suspicious Transaction Report (STR) of criminal conspiracy, money laundering and obtaining money by false pretence.

Count one of the charge reads: “That you Husaini Mohammed Auwal, being the managing director of Humak Global Business Link on or between 2016 and 2017 in Abuja, within the jurisdiction of this honorable court, did carry on, other financial business, to wit: bureau de change business without a valid licence issued by the Central Bank of Nigeria contrary to sections 57 and 59 (5) of the Banks and other Financial Institutions Act, 2020.”

Count two reads: “That you Husaini Mohammed Auwal, being the managing director of Humak Global Business Link and Humak Global Business Link on or about 10th August, 2020 in Abuja, within the jurisdiction of this honourable court received a total inflow of N47,250,000 (Forty-seven Million, Two Hundred Fifty Thousand Naira only) from Khadab Ventures and Trust Limited into Humak Global Business Link account, domiciled in First City Monument Bank with account number 4497159015 in excess of N10,000,000.00 (Ten Million Naira) which you failed to make a report to the Nigerian Financial Intelligence Unit (NFIU) and thereby commit an offence contrary to Sections 11 (1) and (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

He pleaded “not guilty” to all the charges when they were read to him, following which prosecution counsel, Deborah Ademu Eteh asked the court for a trial date and for the defendant to be remanded in a Correctional facility. The defence counsel, however, called the attention of the court to an existing bail application and prayed the court to grant the defendant bail on liberal terms.

Justice Abdulmalik adjourned the matter till February 23, 2024 for hearing of bail application and March 21, 2024 for trial. She also ordered that the defendant be remanded in EFCC`s custody until the adjourned date.

Auwal was arrested by the EFCC following intelligence received by the Commission on April 28, 2022 from the Nigeria Financial Intelligence Unit, NFIU, which showed that the defendant was allegedly receiving huge wire transfers from diverse entities
through his company`s account and would promptly transfer such funds to various accounts, violating the daily transfer threshold. Again, the defendant was also allegedly operating a bureau de change without an appropriate licence.

Category: World-News
Tag: EFCC Drags Bureau de Change Operator to Court Over N9984m Fraud
Written by Author (author)
Published 2/20/2024 11:50:04 AM

Join us on:
Facebook | WhatsApp Community
| Twitter| WhatsApp Channel
How would you react to this story?
Thump Up Thumb Down
Thumb Up Thumb Up
0 0

Trending News

Ownership Crisis Rocks Benin City as Igodomigodo Asks Oba of Benin to Return To Ile-Ife

Many Fear Dead As Flight Vehicle Fell in Makurdi

Lady Runs Mad After She Was Dropped From A Tricycle By Suspected Yahoo Boys

Uproars as Suspected Yahoo Boy Brags 100 Nigerian Policemen Guide Him Daily

Aregbesola Dragged for Violating State Policy At Iwo Ramadan Lecture

First Class Graduate Die After Completing 21-Day Fasting Allegedly Ordained By Her Pastor To Cure Ailment

Obi Cubana Share Touching Story When His Wife Paid His Price

Divorced Single Mother of One Shares How Family and Pride Made Her Loose Her Husband In A Sorrowful Way

Uproars As A Pastor Said God Failed Wigwe Despite Dashing Church One Billion Naira

Wigwe and Mr. Ibu Died of Inherited Curses, Apostle Suleiman Revealed

Load More

Hey!
You cannot submit comment on this topic because you are not currently login. You can choose to Login or Create an Account then you are good to join the discussion.


Author Author (Entrant )
1 months ago
0     0     0 Replies    

Most Recent Comments         Load More Comments

Free CBT Exams
Take Exam