The Federal High Court sitting in Ikoyi, Lagos, has sentenced a man, Saheed Zubair Danjuma, to one year imprisonment for engaging in foreign exchange transactions outside Nigeria’s official foreign exchange market.

Justice T. A. Aluko handed down the sentence on Wednesday after convicting Danjuma on a one-count charge filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

The charge accused Danjuma of conducting foreign exchange transactions with one Usman Muhammad outside the official market, an offence contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.

According to the charge, the offence was committed in Lagos in 2026 within the jurisdiction of the court.

When the charge was read, Danjuma pleaded guilty.
Following the guilty plea, EFCC prosecuting counsel, U. S. Kyari, urged the court to convict and sentence the defendant in line with the provisions of the law.

In his judgment, Justice Aluko found Danjuma guilty and sentenced him to 12 months’ imprisonment. The court, however, gave the convict an option of a N100,000 fine.

The conviction is part of ongoing efforts by the EFCC to enforce compliance with Nigeria’s foreign exchange regulations and curb illegal currency trading outside the official market.