The Federal High Court in Ikoyi, Lagos, has sentenced a man, Faruk Umar, to six months in prison for engaging in illegal foreign exchange trading. The ruling came after Umar pleaded guilty to the charges brought against him by the Economic and Financial Crimes Commission (EFCC).
The EFCC, in a statement posted on its official X account on Monday, revealed that Justice Chukwujekwu Aneke delivered the judgment on Wednesday. The case against Umar was based on his involvement in unauthorized forex transactions.
Umar was arrested on August 26, 2024, at the Eko Hotel area in Victoria Island, Lagos. He was taken into custody alongside several others during an operation targeting illegal Bureau De Change (BDC) operators. The EFCC had received intelligence about unregistered forex traders conducting business outside the official foreign exchange market.
Following his arrest, Umar was charged by the Lagos Zonal Directorate of the EFCC with engaging in fraudulent forex activities. The charge stated that he carried out a foreign exchange transaction without using the official market, which is an offence under the National Economic Intelligence Committee Establishment Act of 1994.
During the trial, EFCC prosecutor C.C. Okezie called Hamisu Sanni, an investigating officer, to present evidence. Sanni explained that Umar admitted to trading foreign currency without a valid licence from the Central Bank of Nigeria (CBN).
After reviewing the case, the court found Umar guilty and sentenced him to six months in prison.
