A Federal High Court sitting in Ikoyi, Lagos, has sentenced a man identified as Faruk Umar to six months in prison for engaging in illegal foreign exchange transactions.
Justice Chukwujekwu Aneke delivered the verdict last week after Umar pleaded guilty to the charge filed against him by the Economic and Financial Crimes Commission (EFCC).
Umar was apprehended alongside others on August 26, 2024, following credible intelligence on the activities of unauthorized Bureau De Change (BDC) operators at the Eko Hotel area of Victoria Island, Lagos.
The EFCC Lagos Zonal Directorate subsequently arraigned him on a one-count charge of conducting foreign exchange transactions outside the official market.
According to the prosecution, led by C.C. Okezie, investigations revealed that Umar had been illegally trading in foreign currency without a valid license from the Central Bank of Nigeria (CBN).
An EFCC investigative officer, Hamisu Sanni, testified in court that forensic analysis of Umar’s phone uncovered over 40 conversations related to forex transactions. The prosecution also presented Umar’s confessional statement and other investigative findings as evidence.
However, Umar, according to the statement was convicted and sentenced him to six months in prison.
In addition, Justice Aneke gave him the option of a ₦50,000 fine in lieu of imprisonment, which must be paid into the Consolidated Revenue Account of the Federation. Additionally, Umar’s phone was ordered forfeited to the Federal Government.
The statement partly reads: “The charge reads: ‘That you, Faruk Umar, sometime in August, 2024 at Eko Hotel Area, Victoria Island Lagos State, within the jurisdiction of this Honourable Court, engaged in a foreign exchange transaction other than through the official foreign exchange market and you 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) of the same Act’.
“He pleaded ‘guilty ‘ to the charge when it was read to her.”
“In view of his plea, prosecution counsel, C.C.Okezie, sought to present an investigative officer of the EFCC, Hamisu Sanni, to review the facts of the matter.”
“Sanni narrated that the convict confessed to being involved in buying and selling of foreign currency without a licence from the Central Bank of Nigeria, CBN.”
“He told the court that Umar’s phone was subjected to forensic examination, adding that “It revealed over 40 conversations related to forex transactions with other individuals.”
“Thereafter, Okezie, through Sanni, tendered in evidence the confessional statements of the convict as well as findings from the investigation.”
“Okezie, therefore, prayed the court to convict him as charged and also sentence him accordingly.”
“Justice Aneke found Umar guilty of the offence and sentenced him to six months imprisonment.”
“The judge also pronounced a fine of N50,000 (Fifty Thousand Naira only), in lieu of the prison sentence, which should be paid into the Consolidated Revenue Account of the Federation.”
“His phone was also forfeited to the Federal Government of Nigeria.”
“Umar’s road to the Correctional Centre began when he was arrested by operatives of the EFCC for dealing in foreign exchange transactions without a requisite licence from the Central Bank of Nigeria, CBN. He pleaded guilty to a lone-count charge raised againsthim and was convicted.”
