Court Convicts Man for Unauthorised Forex Transactions in Lagos

By Modupe Gbadeyanka

A man identified as Mr Saheed Zubair Danjuma has been convicted and sentenced to one year’s imprisonment for his involvement in unauthorised foreign exchange transactions in Lagos.

Mr Danjuma was brought before Justice T.A. Aluko of the Federal High Court sitting in Ikoyi, Lagos, by the Economic and Financial Crimes Commission (EFCC) on a one-count charge bordering on illegal forex transactions.

According to the anti-money laundering agency, the convict carried out FX transactions outside the authorised channel.

This action, the EFCC said, was contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.

“That you, Saheed Zubair Danjuma, sometime in 2026, at Lagos within the jurisdiction of this court, engaged in foreign exchange transactions with Usman Muhammad other than through the official foreign exchange market and thereby committed an offence contrary to Section 11(1)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994 and punishable under Section 11(2)(a) of the same Act,” the charge read.

After this was read to him, Mr Danjuma pleaded guilty. After the guilty plea, the prosecution counsel, U. S. Kyari, urged the court to convict and sentence him accordingly.

In his judgement on Wednesday, July 29, 2026, the judge convicted and sentenced the defendant to 12 months’ imprisonment, with an option of a fine of N100,000.