Court Jails Lagos BDC Operator Over Illegal Forex Trading

A Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced a Bureau De Change (BDC) operator, Dabo Malam Ardi, to two months imprisonment for engaging in illegal foreign exchange transactions.

Justice F. N. Ogazi delivered the judgment after Ardi 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 the defendant conducted foreign exchange transactions outside the official foreign exchange market, contrary to the provisions of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.

Following the guilty plea, EFCC counsel, S. I. Suleiman, reviewed the facts of the case and urged the court to convict and sentence the defendant.

Justice Ogazi subsequently sentenced Ardi to two months imprisonment, with an option of an ₦80,000 fine.