Court Jails Four Persons Over Illegal Forex Deals, Naira Trading In Lagos
Court Jails Four Persons Over Illegal Forex Deals, Naira Trading In Lagos
SaharaReporters learnt that the four defendants were arraigned on Thursday, August 6, 2026, on separate one-count charges bordering on illegal foreign exchange transactions and the unlawful sale of naira notes.
The Federal High Court sitting in Ikoyi, Lagos State, has convicted and sentenced four persons to various prison terms for engaging in illegal foreign exchange transactions and unlawful trading of naira notes.
The convicts, Ahmad Umar Baros, Aminu Umar Injay, Yusuf Suleimon and Olasunbo Sholanke, were sentenced by Justice F.N. Ogazi on Friday after pleading guilty to separate charges filed against them by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
SaharaReporters learnt that the four defendants were arraigned on Thursday, August 6, 2026, on separate one-count charges bordering on illegal foreign exchange transactions and the unlawful sale of naira notes.
According to the EFCC, Baros was accused of conducting foreign exchange transactions outside Nigeria’s official foreign exchange market, contrary to the provisions of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.
The charge against him stated that he engaged in an unauthorised foreign exchange transaction in Lagos in 2026, an offence punishable under Section 11(2) of the Act.
Meanwhile, Yusuf Suleimon and Olasunbo Sholanke were separately charged with illegally selling and trading naira notes issued by the Central Bank of Nigeria.
One of the charges alleged that Suleimon sold and traded naira notes on or about July 25, 2026, in Lagos, 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.
All four defendants pleaded guilty when the charges were read to them.
Following their guilty pleas, the prosecution team comprising 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 in line with the law.
In his judgment, Justice Ogazi found the defendants guilty as charged and sentenced Baros to two months’ imprisonment.
The remaining three convicts, Injay, Suleimon and Sholanke, were each sentenced to six months’ imprisonment, with an option of a ₦100,000 fine.
