AP Mcnisi Initiatives Limited has been convicted and fined N500,000 for operating a Bureau De Change business without a licence.
Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, handed down the sentence after the AP Mcnisi pleaded guilty to illegal foreign exchange transactions.
The case was brought by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission.
Prosecution evidence showed that the company received N10 million for conversion to 9,000 dollars but did not deliver the foreign currency to the customer.
Investigations revealed the firm was not authorised by the Central Bank of Nigeria to operate as a Bureau De Change.
An EFCC witness told the court that the company’s principal admitted the business lacked the required licence.
Although the complainant was refunded, the court found the company guilty and imposed a N500,000 fine. It also ordered that the company’s assets be forfeited to the Federal Government if the fine is not paid.
