Justice of the Federal High Court, Ikoyi, Lagos, F. N. Ogazi has convicted and sentenced a bureau de change (BDC) operator, Dabo Malam Ardi, to two months’ imprisonment for engaging in illegal foreign exchange transactions outside the official market.
The conviction followed Ardi’s arraignment by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on a one-count charge bordering on unlawful foreign exchange dealings.
According to the charge, Ardi carried out a foreign exchange transaction in Lagos in 2026 through channels other than the official foreign exchange market, 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.
The defendant pleaded guilty when the charge was read to him.
Following the guilty plea, prosecution counsel, S. I. Suleiman, reviewed the facts of the case and urged the court to convict and sentence the defendant.
Delivering judgment on Tuesday, Justice Ogazi found Ardi guilty and sentenced him to two months’ imprisonment, with an option of an ₦80,000 fine.
