Man Jailed In $135,000 Forex Fraud
By Njideka Ago | IchieTimes
A Lagos court has sentenced Kelechi Declan James to three years in prison after he admitted to impersonating a man identified as “David Hernandez” on Facebook in a case linked to an alleged $135,000 foreign exchange deal, valued at more than ₦201 million.
Justice Daniel Osiagor of the Federal High Court, Ikoyi, handed down the sentence on Friday, October 9, 2026, after James pleaded guilty to a charge filed by the Economic and Financial Crimes Commission (EFCC).
The EFCC alleged that James used the false identity on Facebook to gain an advantage for himself. The charge was brought under Section 22(2)(b) of the Cybercrimes Act, 2015, as amended in 2024.
According to the commission, the case originated from a petition alleging that James approached a man in December 2024, claiming to have Nigerian business partners seeking foreign exchange services. The petitioner allegedly transferred $135,000, equivalent to ₦201,165,843.50, into an account nominated by the defendant.
The petitioner claimed that James acknowledged receiving the money but failed to remit the agreed naira equivalent or return the dollars. Prosecuting counsel, S. I. Suleiman, presented the facts after the defendant’s guilty plea and asked the court to impose the appropriate punishment.
The court sentenced James to three years’ imprisonment, with an option of a ₦300,000 fine, and ordered him to perform three days of community service.
