The Federal High Court in Lagos has sentenced four individuals to various terms of imprisonment for violating regulations governing foreign exchange transactions and the trading of naira notes.
The convicts — Ahmad Umar Baros, Aminu Umar Injay, Yusuf Suleimon and Olasunbo Sholanke — were sentenced on Friday by Justice F.N. Ogazi after they admitted to committing the offences brought against them by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
The defendants were arraigned separately on Thursday, August 6, 2026, on one-count charges relating to unauthorised foreign exchange dealings and the unlawful sale of currency.
Baros was accused of carrying out foreign exchange transactions outside the country’s recognised official market, an offence said to be contrary to the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.
The EFCC alleged that he engaged in an unauthorised foreign exchange transaction in Lagos in 2026, in breach of Section 11(2) of the Act.
In a separate case, Suleimon and Sholanke were prosecuted for illegally dealing in naira notes issued by the Central Bank of Nigeria.
Suleimon was specifically accused of selling and trading naira notes in Lagos on or around July 25, 2026, in violation of Section 21(4) of the Central Bank of Nigeria Act, 2007, as amended.
All four defendants pleaded guilty after the charges were read to them.
Following their pleas, EFCC prosecutors N.K. Ukoha, Ebuka Okongwu and U.S. Kyari presented the facts of the cases before the court and asked the judge to impose appropriate sentences.
Justice Ogazi subsequently convicted all four defendants.
Baros was sentenced to two months in prison, while Injay, Suleimon and Sholanke were each handed six-month jail terms, with an option of paying a ₦100,000 fine.
