Court Jails Man One Year for Illegal Foreign Exchange Transactions in Lagos

A Federal High Court sitting in Ikoyi, Lagos, has sentenced Basiru Hassan to one year imprisonment for engaging in illegal foreign exchange transactions outside the official foreign exchange market.

Justice Yellim Bogoro delivered the judgment on Monday, July 20, 2026, after Hassan pleaded guilty to a one count charge filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC.

The charge stated that Hassan engaged in foreign exchange transactions outside the official foreign exchange market in Lagos in July 2026, an offence contrary to the provisions of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.

Following the guilty plea, the prosecution urged the court to convict and sentence the defendant. Justice Bogoro subsequently sentenced Hassan to one year imprisonment with an option of a N500,000 fine.

In addition to the sentence, the court ordered Hassan to carry out one week of community service in his immediate community and forfeited N150,000, being proceeds linked to the offence, to the Federal Government of Nigeria.