The Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced four individuals for offences linked to unauthorised foreign exchange transactions and the unlawful trading of Nigerian currency.
Justice F.N. Ogazi delivered the verdicts following separate arraignments by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on Thursday, August 6, 2026.
The convicts were identified as Ahmad Umar Baros, Aminu Umar Injay, Yusuf Suleimon and Olasunbo Sholanke. They were prosecuted over offences involving activities outside Nigeria’s regulated foreign exchange market and the illegal buying and selling of naira notes.
Baros was convicted for conducting foreign exchange transactions outside the official forex market. The court sentenced him to two months in prison.
Meanwhile, Suleimon and Sholanke were found guilty of unlawfully selling and trading Nigerian naira notes. The three defendants involved in the naira-related offences were each handed six months’ imprisonment, with an option of paying a ₦100,000 fine.
All four defendants pleaded guilty to the charges brought against them, paving the way for the court to proceed with sentencing.
The convictions highlight the authorities’ continued efforts to enforce Nigeria’s financial regulations and curb unauthorised foreign exchange dealings and illicit trading of the country’s currency.
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The EFCC has continued to prosecute individuals suspected of violating financial laws as part of broader efforts to strengthen the integrity of Nigeria’s financial system.
