Lagos court sends forex dealer to jail for two months

A Federal High Court in Ikoyi, Lagos, has sentenced Dabo Malam Ardi, a bureau de change operator, to two months in prison for illegal foreign exchange dealings.

The Economic and Financial Crimes Commission (EFCC) took Ardi to court. He faced a single charge of engaging in illegal foreign exchange transactions. Justice F. N. Ogazi presided over the case.

The charge stated, "That you, Dabo Malam Ardi, sometime in 2026 in Lagos State, within the jurisdiction of this Honourable Court, engaged in a foreign exchange transaction 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) of the same Act."

According to the EFCC, Ardi pleaded guilty after the charge was read. Following his plea, the prosecution lawyer, S. I. Suleiman, presented the case details and asked the court to convict him.

Justice Ogazi found Ardi guilty and sentenced him to two months in prison. He also has the option to pay an N80,000 fine.

The EFCC reported that the court convicted Ardi after he admitted to conducting foreign exchange transactions outside the official market, which breaks the law.