The Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced four persons for offences bordering on illegal foreign exchange transactions and unlawful trading in naira notes.
Justice F.N. Ogazi delivered the judgment on Friday, August 7, 2026, following the guilty pleas of Ahmad Umar Baros, Aminu Umar Injay, Yusuf Suleimon and Olasunbo Sholanke.
The four defendants were separately arraigned on Thursday, August 6, 2026, by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission on separate one-count charges.
Baros was prosecuted for engaging in a foreign exchange transaction outside the official foreign exchange market.
The charge alleged that sometime in 2026 in Lagos State, Baros engaged in a foreign exchange transaction other than through the official foreign exchange market.
The prosecution said the offence was 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.
Suleimon and Sholanke were separately charged with the illegal sale and trading of naira notes issued by the Central Bank of Nigeria.
One of the charges alleged that Suleimon, on or about July 25, 2026, in Lagos, sold and traded in naira notes issued by the Central Bank of Nigeria.
The prosecution said the alleged conduct violated Section 21(4) of the Central Bank of Nigeria Act, 2007, as amended, and was punishable under Section 21(1) of the same Act.
All four defendants pleaded guilty when the charges were read to them.
Following their pleas, prosecution counsel N.K. Ukoha, Ebuka Okongwu and U.S. Kyari reviewed the facts of the respective cases and urged the court to convict and sentence the defendants accordingly.
In his judgment, Justice Ogazi found all four defendants guilty.
The court sentenced Baros to two months’ imprisonment.
The convictions form part of the EFCC’s continuing enforcement actions against illegal foreign exchange transactions and the unauthorised sale and trading of naira notes.
The convictions form part of the EFCC’s continuing enforcement actions against illegal foreign exchange transactions and the unauthorised sale and trading of naira notes.