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A High Court in Lagos has convicted and sentenced four men to prison for offences involving illegal foreign exchange transactions and unlawful trading of naira notes.
Justice F.N. Ogazi, sitting at the High Court in Ikoyi, Lagos, delivered the judgments on Friday, August 7, 2026, following the defendants’ guilty pleas.
The convicts, Ahmad Umar Baros, Aminu Umar Injay, Yusuf Suleimon and Olasunbo Sholanke, were separately arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on Thursday.
Baros was charged with engaging in a foreign exchange transaction outside the official foreign exchange market.
The charge read: “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, thereby committing an offence 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.”
Suleimon and Sholanke were separately charged with the illegal sale and trading of naira notes.
One of the charges against Suleimon stated: “That you, Yusuf Suleimon, on or about July 25, 2026, in Lagos, within the jurisdiction of this Honourable Court, did sell and trade in naira notes issued by the Central Bank of Nigeria, thereby committing an offence contrary to Section 21(4) of the Central Bank of Nigeria Act, 2007 (as amended), and punishable under Section 21(1) of the same Act.”
The four defendants pleaded guilty to the charges when they were read to them.
Following their pleas, prosecution counsel N.K. Ukoha, Ebuka Okongwu and U.S. Kyari reviewed the facts of the respective cases before urging the court to convict and sentence the defendants.
In his judgment, Justice Ogazi found all four defendants guilty.
Baros was sentenced to two months’ imprisonment, while the other three defendants were also sentenced to prison terms.
However, the information provided cuts off before stating the exact sentences imposed on Aminu Umar Injay, Yusuf Suleimon and Olasunbo Sholanke.
The convictions followed the EFCC’s prosecution of the defendants for alleged violations of laws regulating foreign exchange transactions and the handling and trading of naira notes.
Court Jails Four for Illegal Forex, Naira Trading in Lagos
Justice F.N. Ogazi of the Federal High Court in Ikoyi, Lagos, on Friday, August 7, 2026, convicted and sentenced four persons to two and six months’ imprisonment respectively for offences bordering on illegal foreign… pic.twitter.com/fFJwAtRpqs
— EFCC Nigeria (@officialEFCC) August 7, 2026
