.jpeg "Fake Bureau De Change Operator is imprisoned for 87 years by a Sokoto court for N325 million fraud.")
According to a statement released on Friday in Abuja by Dele Oyewale, the acting spokesperson for the Economic and Financial Crimes Commission (EFCC), it was revealed that Abubakar was incarcerated on Thursday, October 5, 2023. This was a result of his admission of guilt to 12 counts of criminal breach of trust and obtaining by false pretense.
One of the charges alleges that Abubakar Ahmad Abubakar, during the month of October 2022 in Sokoto within the Judicial Division of the High Court of Justice Sokoto State, was entrusted with a total sum of N80,100,000.00 (Eighty Million One Hundred Thousand Naira) by Usama Abdullahi for the purpose of engaging in Bureau de Change business. It is further alleged that Abubakar dishonestly converted the aforementioned property/sum for personal use, thereby contravening the manner in which the trust was intended to be fulfilled. As a result, Abubakar is accused of committing the offense of Criminal Breach of Trust, as defined by Section 300 of the Sokoto State Penal Code Law 2019, and punishable under Section 301 of the same Law.
One additional charge alleges that Abubakar Ahmad Abubakar, during the month of March in the year 2023, within the Judicial Division of the High Court of Justice Sokoto State, was entrusted with a sum of N50,000,000.00 (Fifty Million Naira) by Najib Hamza for the purpose of engaging in Bureau de Change business. However, Abubakar dishonestly misappropriated the aforementioned property/sum for personal use, thereby violating the prescribed manner in which the trust was to be fulfilled. Consequently, Abubakar has committed the offense of Criminal Breach of Trust as defined by Section 300 of the Sokoto State Penal Code Law 2019, and is subject to punishment under Section 301 of the same Law.
During the arraignment, the defendant entered a plea of guilty for all twelve charges brought against her, leading the counsel for the Economic and Financial Crimes Commission (EFCC), Kufre Ekpeyoung, to request the court to proceed with convicting the defendant accordingly. The defense attorney, Hamza Liman, made a petition for a reduced sentence on behalf of his client, citing the defendant's status as a first-time offender.
Justice Dogondaji subsequently rendered a verdict of guilt against Abubakar Ahmad Abubakar and imposed a sentence of 87 years of incarceration, along with the alternative of a fine amounting to N200,000.00 (Two Hundred Thousand Naira) for each charge, resulting in a cumulative punishment of N2,400,000.00 (Two Million Four Hundred Thousand Naira). Additionally, he issued a directive for the reimbursement of N225,661,000 (equivalent to Two Hundred and Twenty Five Million Six Hundred and Sixty One Thousand Naira) to be made to all the individuals who submitted petitions, with the funds being channeled through the Economic and Financial Crimes Commission (EFCC).
Ahmad embarked on a voyage to the correctional centre subsequent to his apprehension by operatives of the Sokoto Zonal Command of the Economic and Financial Crimes Commission (EFCC). His arrest was made on grounds of defrauding twelve individuals through deceptive investment schemes in his said bureau de change enterprise. Subsequent investigations substantiated the falsity of his supposed business operations.
Subsequent investigations have disclosed that Ahmad made assurances to his victims, guaranteeing them a monthly return on their investments ranging from 50% to 100%. He failed to provide them with any form of investment return or reimburse them for their monetary contributions.