RismadarVoice Reporters
August 7, 2026
The Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced four persons for offences involving illegal foreign exchange transactions and unlawful trading of naira notes.
Justice F.N. Ogazi handed down the sentences on Friday after the defendants, Ahmad Umar Baros, Aminu Umar Injay, Yusuf Suleimon and Olasunbo Sholanke, pleaded guilty to separate charges brought by the Economic and Financial Crimes Commission, EFCC.
Baros was convicted for engaging in foreign exchange transactions outside the official forex market.
Suleimon and Sholanke were convicted for illegally selling and trading naira notes, while the charge against Injay also bordered on unlawful financial activities.
The prosecution urged the court to convict the defendants after reviewing the facts of the cases.
Justice Ogazi sentenced Baros to two months’ imprisonment, while the other three defendants received six-month jail terms each, with an option of a ₦100,000 fine.
