COURT JAILS FOUR FOR ILLEGAL FOREX, NAIRA TRADING IN LAGOS

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By ‘Sefiu Ajape

A Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced four persons for offences bordering on illegal foreign exchange transactions and unlawful trading of naira notes.

Justice F.N. Ogazi delivered the judgment on Friday, sentencing 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.

The four convicts were separately arraigned on Thursday by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission on separate one-count charges.

The charge against Baros 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 separately charged with the illegal sale and trading of naira notes.

One of the charges read: “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 defendants pleaded guilty to the charges when they were read in court.

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.

In his judgment, Justice Ogazi found all four defendants guilty and sentenced them in line with the provisions of the law.