Following illegal currency trading activity amounting to N1.3 million, two men, Oluwaseun Nwankpa and Olayode Fadaiya, have been sentenced to three months in jail each by a Federal High Court in Ibadan.
Justice Ekerete Akpan, in his judgment, mentioned that the sentencing was based on the evidence presented by the Department of States Services (DSS) against Nwankpa and Fadaiya.
Given the plea for leniency from the defense counsel, Akpan reduced the punishment imposed on the duo, noting that they were first-time offenders who displayed remorse and readiness to make amends.
As a deterrent to others, the court has sentenced each of the culprits to three months in prison.
Furthermore, Nwankpa is required to forfeit 10% of the seized money to the Federal Government, while Fadaiya has to do the same with 10% of the funds recovered from him.
The judge also ruled that the remaining 90% of the confiscated money should be returned to Nwankpa and Fadaiya to kickstart lawful business ventures.
Prior to the judgment, Mr. Saheed Ishola, representing the defendants, pleaded for leniency on behalf of his clients.
In the court proceedings, DSS Prosecutor Mr. T.A. Nurudeen stated that the pair were facing charges related to unauthorized currency trading, which took place in February in Ibadan, Oyo State.
Nurudeen revealed that Nwankpa was found with a sum of N844,600, while Fadaiya was caught with N469,000 in their respective hideouts.