The Economic and Financial Crimes Commission on Monday arraigned three men accused of hoarding foreign currencies.

The trio appeared at an Iyaganku Chief Magistrates’ Court, Ibadan, Oyo State, for allegedly hoarding foreign currencies and selling the same at exorbitant prices illegally.

The suspects – Thomas Olatokunbo, 62, Dauda Ismail, 32, and Bello Muhammed 29 – all residents of Sabo area, Mokola in Ibadan, are facing a five-count bordering on conspiracy.

They are also accused of unlawfully procuring a licence or certificate for buying and selling of foreign currencies, and disobeying the executive order of the President.

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

The Chief Magistrate, M. Mudasiru, granted the defendants bail in the sum of N1 million each, with two sureties in like sum.

Mr Mudasiru adjourned the matter until June 4, for hearing. 

According to the Police Prosecutor, Amos Adewale, the defendants, with others now at large, on February 21, at Sabo area, Mokola, Ibadan, allegedly conspired to commit the offences.

Mr Adewale said the trio allegedly obtained registration by false pretence in disobedience to lawful order.

“The defendants, wilfully 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 the same at high prices,” the charges further read.

He said the offences contravened sections 203, 249 (d) 422, 425 and 516 of the Criminal Code Laws of Oyo State 2000.

(NAN)