BDC Operator Sentenced to Two Months Imprisonment, Option of ₦80,000 Fine for Illegal Forex Transactions in Lagos
BDC Operator Sentenced to Two Months Imprisonment, Option of ₦80,000 Fine for Illegal Forex Transactions in Lagos
Justice F.N. Ogazi of the Federal High Court sitting in Ikoyi, Lagos, on Tuesday, August 4, 2026, convicted and sentenced a Bureau de Change (BDC) operator, Dabo Malam Ardi, to two months’ imprisonment for engaging in illegal foreign exchange transactions. Ardi was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on a one-count charge bordering on an illegal foreign exchange transaction.
The charge against Ardi reads: “That you, Dabo Malam Ardi, 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 and thereby committed 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.” The defendant pleaded guilty to the charge when it was read to him. Following his guilty plea, prosecution counsel, S.I. Suleiman, reviewed the facts of the case and urged the court to convict and sentence the defendant accordingly. Justice Ogazi found Ardi guilty and sentenced him to two months’ imprisonment, with an option of a fine of ₦80,000.
The case is part of the EFCC’s intensified crackdown on illegal foreign exchange transactions, which the agency says undermine the nation’s monetary policy and fuel currency speculation. The prosecution of Ardi under the National Economic Intelligence Committee Act, 1994, rather than the more commonly cited Central Bank of Nigeria Act or the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, highlights the broad powers available to law enforcement agencies in prosecuting economic offences. The Act, which established the National Economic Intelligence Committee, empowers the committee to collect, collate, and evaluate intelligence on economic crimes, and provides for the prosecution of individuals engaged in activities that undermine the nation’s economic stability.
The conviction of Dabo Malam Ardi serves as a warning to others engaged in similar activities that the long arm of the law will eventually catch up with them. As Nigeria continues to grapple with economic challenges, the enforcement of foreign exchange regulations is expected to remain a priority for the EFCC and other law enforcement agencies. The case also highlights the importance of public cooperation in reporting illegal forex activities, as the success of such prosecutions often depends on credible intelligence from members of the public. The EFCC has reaffirmed its commitment to the fight against economic and financial crimes and has urged members of the public to continue providing credible information that would assist in the prosecution of those who engage in activities that undermine the nation’s economy.
