Lagos court sentences bureau de change operator for illegal forex trade
Dabo Malam Ardi, a bureau de change operator, has been convicted for illegal foreign exchange transactions in Lagos. The Federal High Court in Ikoyi found him guilty after he pleaded guilty to the charges. The Economic and Financial Crimes Commission (EFCC) brought the case against him, leading to a two-month prison sentence with an option of a fine. The conviction was based on his involvement in transactions outside the official foreign exchange market.
What happened
- Dabo Malam Ardi was arraigned before Justice F. N. Ogazi by the EFCC Lagos Zonal Directorate 1.
- The charge stated that Ardi engaged in illegal foreign exchange transactions sometime in 2026 in Lagos State.
- He pleaded guilty to the one-count charge after it was read to him in court.
- Justice Ogazi sentenced him to two months’ imprisonment, with an option of an N80,000 fine.
- The conviction was for conducting forex transactions outside the official market, violating the National Economic Intelligence Committee Act.
