RismadarVoice Reporters
July 29, 2026
Federal High Court sitting in Ikoyi, Lagos, has sentenced a man, Saheed Zubair Danjuma, to 12 months’ imprisonment for engaging in illegal foreign exchange transactions outside Nigeria’s official foreign exchange market.
Justice T. A. Aluko handed down the sentence on Wednesday after Danjuma pleaded guilty to a one-count charge filed against him by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
The charge accused the defendant of conducting a foreign exchange transaction with one Usman Muhammad outside the official market, contrary to the provisions of Section 11(1)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.
During the proceedings, the defendant admitted to the offence after the charge was read to him.
Following the guilty plea, EFCC prosecuting counsel, U. S. Kyari, urged the court to convict and sentence the defendant in accordance with the law.
In his judgment, Justice Aluko convicted Danjuma and sentenced him to one year in prison, with an option of a ₦100,000 fine.
The conviction is part of the EFCC’s ongoing enforcement efforts against illegal foreign exchange trading and other economic crimes.
