Lagos, Nigeria – Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, has convicted and sentenced Forex Trader, Faruk Umar to six months imprisonment for engaging in illegal foreign exchange transactions.
Umar was arrested on August 26, 2024, alongside others, following credible intelligence on the activities of unlicensed Bureau De Change operators near Eko Hotel, Victoria Island, Lagos.
The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) subsequently arraigned him on a one-count charge related to fraudulent forex dealings.
The charge stated that Umar conducted foreign exchange transactions outside the official forex market, violating Section 11(1)(a) of the National Economic Intelligence Committee Establishment Act, 1994, and was punishable under Section 11(2) of the same Act.
When the charge was read in court, Umar pleaded guilty. Prosecuting counsel C.C. Okezie presented an EFCC investigative officer, Hamisu Sanni, who reviewed the case facts.
Sanni testified that forensic analysis of Umar’s phone revealed over 40 conversations related to forex transactions. Umar also admitted to trading foreign currency without a Central Bank of Nigeria (CBN) licence.
Based on the evidence, Okezie urged the court to convict and sentence Umar.
Justice Aneke found him guilty and sentenced him to six months in prison. However, the judge offered an alternative fine of N50,000, payable into the Consolidated Revenue Account of the Federation.
Additionally, Umar’s phone was forfeited to the Federal Government.
His conviction underscores the EFCC’s crackdown on illicit forex trading as authorities continue efforts to regulate the foreign exchange market.
