By Imisioluwa Afunmiso
The Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced four persons for offences bordering on illegal foreign exchange transactions and unlawful trading in naira notes.
Justice F.N. Ogazi, who delivered the judgments on Friday, August 7, 2026, sentenced Ahmad Umar Baros to two months’ imprisonment, while Aminu Umar Injay, Yusuf Suleimon, and Olasunbo Sholanke were each sentenced to six months’ imprisonment, with an option of a ₦100,000 fine.
The four convicts were separately arraigned before the court on Thursday, August 6, 2026, by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on distinct one-count charges.
Baros was charged with engaging in foreign exchange transactions outside the official market.
The charge read in part: “That you, Ahmad Umar Baros, sometime in 2026 in Lagos State, within the jurisdiction of this Honourable Court, engaged in a foreign exchange transaction other than through the official foreign exchange market.”
The offence is contrary to Section 11(1)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994, and punishable under Section 11(2) of the same Act.
Similarly, Suleimon and Sholanke were separately charged with the illegal sale of and trading in naira notes.
One of the charges against Suleimon stated that he, on or about July 25, 2026, in Lagos, “did sell and trade in naira notes issued by the Central Bank of Nigeria,” contrary to Section 21(4) of the Central Bank of Nigeria Act, 2007 (as amended), and punishable under Section 21(1) of the Act.
All four defendants pleaded guilty to their respective charges.
Following their guilty pleas, prosecution counsel N.K. Ukoha, Ebuka Okongwu, and U.S. Kyari reviewed the facts of the cases and urged Justice Ogazi to convict and sentence the defendants accordingly.
After considering the evidence presented by the prosecution, Justice Ogazi found all four defendants guilty as charged.
The court subsequently sentenced Baros to two months’ imprisonment without an option of a fine, while Injay, Suleimon, and Sholanke received six months’ imprisonment each, with an option of a ₦100,000 fine.
The convictions form part of the EFCC’s ongoing enforcement efforts against financial crimes, including transactions outside regulated foreign exchange channels and unlawful dealings in the national currency.