Man Bags One Year for Illegal Foreign Exchange Transactions in Lagos
Justice T. A. Aluko of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, July 29, 2026, convicted and sentenced Saheed Zubair Danjuma to twelve months' imprisonment for engaging in foreign exchange transactions outside the official foreign exchange market.
Danjuma was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on a one-count charge bordering on engaging in foreign exchange transactions other than through the official foreign exchange market, contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.
The charge reads:
"That you, SAHEED ZUBAIR DANJUMA, sometime in 2026, at Lagos within the jurisdiction of this Honourable 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 defendant pleaded guilty to the charge when it was read to him.
Following his guilty plea, prosecution counsel, U. S. Kyari, urged the court to convict and sentence him accordingly.
In his judgment, Justice Aluko convicted and sentenced Danjuma to twelve months' imprisonment, with an option of a fine of N100,000.00.
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