Modupe Gbadeyanka
By Modupe Gbadeyanka
A foreign exchange (forex) trader based in Kano State, Mr Yusuf Yakubu, may have bitten more than he can chew as he has found himself in murky water.
He was accused of diverting about N197.6 million belonging to his customers, who wanted him to exchange his Dollars to Naira.
It was alleged that in January 2021, the Kano forex trader collected $870,000 with the promise to pay the Naira equivalent, but he refused to fully honour this pledge.
Instead of returning the full amount, he only paid N220.3 million and allegedly diverted the balance of N197.6 million and efforts to make him pay were futile.
As a result, a petition was filed to the Kano Zonal Command of the Economic and Financial Crimes Commission (EFCC), which waded into the matter.
After interrogations, Mr Yakubu was arraigned before Justice Sanusi Ma’aji of the Kano State High Court on August 4, 2021, on a one-count charge of misappropriation.
“That Yakubu Yusuf on or about January 14, 2021, within the jurisdiction of this court, with intent to defraud dishonestly misappropriated the sum of N149,000,000 belonging to Oliver Ogokumaka and Obumnemi Okoli and thereby committed an offence contrary to section 308 and punishable under section 309 of the Penal Code,” the charge read.
When the charge was read to him, the defendant pleaded not guilty, which prompted the prosecution counsel, Mr Musa Isah, to ask for a trial date.
However, counsel for the defendant, Mr Abdul Adamu, informed the court that he had filed a motion challenging the jurisdiction of the court and the judge consequently adjourned the matter till August 18 for argument on the motion.
Meanwhile, the defendant was granted bail in the sum of N50 million and two sureties in like sum, one of who must be a relative of the accused person and both must also be resident of Kano, with verified business addresses.
