Lagos Court Jails Man for Money Laundering, Four BDC Operators for Illegal Forex Trading

The Federal High Court sitting in Ikoyi, Lagos, has sentenced a man, Sunmonu Olasunkanmi Thaoban, to four years’ imprisonment for money laundering.

Justice Akintayo Aluko handed down the sentence on Thursday, July 30, 2026, following Sunmonu’s arraignment and prosecution by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

Sunmonu was prosecuted on a two count charge bordering on money laundering and pleaded guilty to both counts.

According to the EFCC, the convict, sometime in 2023, disguised the origin of ₦16 million, alleged to be proceeds of unlawful activity, by converting the funds into a black 2018 model G Wagon Jeep.

Following his guilty plea, prosecution counsel, H. U. Kofarnaisa, reviewed the facts of the case and urged the court to convict and sentence him accordingly.

Justice Aluko found Sunmonu guilty and sentenced him to four years in prison, with an option of a ₦1.8 million fine.

The court also ordered the forfeiture of the black G Wagon Jeep and the convict’s mobile device to the Federal Government.

Four BDC Operators Jailed for Illegal Forex Transactions

In a related development, Justice Aluko also convicted and sentenced four Bureau de Change (BDC) operators to 12 months’ imprisonment each for engaging in illegal foreign exchange transactions.

The convicts are Umar Muhammad Lamido, Yusuf Musa Yusuf, Abdulmuhimin Mahmud and Muhammed Musa.

They were prosecuted by the Lagos Zonal Directorate 1 of the EFCC on separate one count charges bordering on illegal foreign exchange operations.

The EFCC alleged that the defendants engaged in foreign exchange transactions outside the official foreign exchange market, contrary to the relevant provisions of the law.

The four defendants pleaded guilty to their respective charges.

Following their pleas, prosecution counsel reviewed the facts of the cases and urged the court to convict and sentence them accordingly.

Justice Aluko subsequently convicted each of the four BDC operators and sentenced them to 12 months’ imprisonment, with an option of a ₦100,000 fine each.

The convictions form part of the EFCC’s ongoing enforcement against money laundering and illegal foreign exchange activities in Lagos.