Court Sentences Man to One Year Imprisonment for Illegal Foreign Exchange Transactions in Lagos

Justice Yellim Bogoro of the Federal High Court sitting in Ikoyi, Lagos, on Monday, July 20, 2026, convicted and sentenced one Basiru Hassan to one year imprisonment for engaging in foreign exchange transactions outside the official foreign exchange market.

Hassan was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on a one-count charge bordering on engaging in foreign exchange transactions other than through the official foreign exchange market, contrary to Section 11(1)(a) and punishable under Section 11(2)(a) 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 defendant pleaded guilty to the charge.

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

In his judgment, Justice Bogoro convicted and sentenced Hassan to one year imprisonment, with an option of a fine of N500,000.00.

The court also ordered the convict to undertake one week of community service in his immediate community and forfeited the sum of N150,000.00, being proceeds connected with the offence, to the Federal Government of Nigeria.