Metro
Court Jails Four For Illegal Forex, Naira Trading In Lagos
A Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced four individuals for engaging in illegal foreign exchange transactions and the unlawful sale of naira notes. The Economic and Financial Crimes Commission (EFCC) disclosed the convictions in a statement posted on its official X page on Friday. The……
A Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced four individuals for engaging in illegal foreign exchange transactions and the unlawful sale of naira notes.
The Economic and Financial Crimes Commission (EFCC) disclosed the convictions in a statement posted on its official X page on Friday.
The anti-graft agency identified the convicts as Ahmad Umar Baros, Aminu Umar Injay, Yusuf Suleimon and Olasunbo Sholanke, who were separately arraigned by the Lagos Zonal Directorate 1 of the EFCC on August 6, 2026, on separate one-count charges.
According to the Commission, Baros was prosecuted for carrying out foreign exchange transactions outside the official foreign exchange market.
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The charge against him read: “That you, Ahmad Umar Baros sometime in 2026 in Lagos State, within the jurisdiction of this Honourable Court, engaged in a foreign exchange transaction other than through the official foreign exchange market, thereby committing an offence contrary to Section 11(1)(a) of the National Economic Intelligence Committee (Establishment etc) Act, 1994, and punishable under Section 11(2) of the same Act.”
Yusuf Suleimon and Olasunbo Sholanke were also charged with the illegal sale and trading of naira notes.
One of the charges stated: “That you, Yusuf Suleimon, on or about July 25, 2026, in Lagos, within the jurisdiction of this Honourable Court, did sell and trade in naira notes issued by the Central Bank of Nigeria, thereby committing an offence contrary to Section 21(4) of the Central Bank of Nigeria Act, 2007 (as amended), and punishable under Section 21(1) of the same Act.”
The EFCC said all four defendants pleaded guilty when the charges were read to them.
Following their guilty pleas, prosecution counsel N.K. Ukoha, Ebuka Okongwu and U.S. Kyari reviewed the facts of the cases and urged the court to convict and sentence the defendants accordingly.
Delivering judgment, Justice F.N. Ogazi found the defendants guilty as charged. The court sentenced Ahmad Umar Baros to two months’ imprisonment, while Aminu Umar Injay, Yusuf Suleimon and Olasunbo Sholanke were each sentenced to six months’ imprisonment with an option of a ₦100,000 fine each.
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