A Federal High Court in Ikoyi, Lagos has convicted a Bureau De Change operator for carrying out foreign exchange transactions outside the official market.
Justice F. N. Ogazi handed down the judgment on Tuesday, August 4, 2026, after the defendant entered a guilty plea.The convict, Dabo Malam Ardi, was arraigned by the Lagos Zonal Directorate 1 of the EFCC on a single count charge. The prosecution alleged that sometime in 2026, he conducted forex business outside the channels approved by law in Lagos.
The offence falls under Section 11(1)(a) of the National Economic Intelligence Committee Act, 1994, which is punishable under Section 11(2) of the same Act.When the charge was read in court, Ardi pleaded guilty. Prosecution counsel, S. I. Suleiman, then presented the facts of the case and asked the court to convict and sentence accordingly. After reviewing the submissions, the judge found the defendant guilty as charged.Justice Ogazi sentenced Ardi to two months imprisonment.
The court, however, gave him an option of paying a fine of ₦80,000 in lieu of serving the jail term.The EFCC has intensified crackdowns on illegal forex trading across Lagos in recent months, warning that unlicensed BDC operators and street traders undermine the official exchange system. The Commission said it will continue to prosecute offenders as part of efforts to stabilize the foreign exchange market and enforce compliance with financial regulations.
