August 4, 2026
Ardi was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on a one-count charge of conducting an illegal foreign exchange transaction.
Justice F. N. Ogazi of the Federal High Court in Ikoyi, Lagos, on Tuesday convicted and sentenced a bureau de change (BDC) operator, Dabo Malam Ardi, to two months' imprisonment for engaging in illegal foreign exchange transactions.
Ardi was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on a one-count charge of conducting an illegal foreign exchange transaction.
The charge reads: “That you, Dabo Malam Ardi, sometime in 2026 in Lagos State, within the jurisdiction of this Honourable Court, engaged in a foreign exchange transaction other than through the official foreign exchange market and thereby committed an offence contrary to Section 11(1)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994, and punishable under Section 11(2) of the same Act."
