Court Jails Man One Year for Illegal Foreign Exchange Transactions in Lagos

The Federal High Court sitting in Ikoyi, Lagos, has sentenced a man, Basiru Hassan, to one year imprisonment for engaging in foreign exchange transactions outside the official foreign exchange market.

The Economic and Financial Crimes Commission (EFCC) disclosed the conviction in a statement shared on its official X handle on Monday.

According to the anti-graft agency, Justice Yellim Bogoro delivered the judgment on Monday after Hassan was prosecuted by the Lagos Zonal Directorate 1 of the EFCC on a one-count charge bordering on unlawful foreign exchange transactions.

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The charge alleged that the defendant conducted foreign exchange transactions outside the official market, contrary to the provisions of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.

The charge reads: “That you, BASIRU HASSAN, sometime in July 2026 at Lagos, within the Judicial Division of this Honourable Court, engaged in foreign exchange transactions other than through the official foreign exchange market and thereby committed an offence contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.”

The EFCC said Hassan pleaded guilty to the charge when it was read to him.

Following the guilty plea, prosecution counsel, Fanen Anum, urged the court to convict and sentence the defendant accordingly.

Justice Bogoro subsequently convicted Hassan and sentenced him to one year imprisonment, with an option of a N500,000 fine.

In addition to the custodial sentence, the court directed the convict to carry out one week of community service in his immediate community.

The court also ordered the forfeiture of N150,000, being proceeds connected with the offence, to the Federal Government.