SaharaReporters learnt that the four defendants were arraigned on Thursday, August 6, 2026, on separate one-count charges bordering on illegal foreign exchange transactions and the unlawful sale of naira notes.
The Federal High Court sitting in Ikoyi, Lagos State, has convicted and sentenced four persons to various prison terms for engaging in illegal foreign exchange transactions and unlawful trading of naira notes.
The convicts, Ahmad Umar Baros, Aminu Umar Injay, Yusuf Suleimon and Olasunbo Sholanke, were sentenced by Justice F.N. Ogazi on Friday after pleading guilty to separate charges filed against them by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
SaharaReporters learnt that the four defendants were arraigned on Thursday, August 6, 2026, on separate one-count charges bordering on illegal foreign exchange transactions and the unlawful sale of naira notes.
According to the EFCC, Baros was accused of conducting foreign exchange transactions outside Nigeria's official foreign exchange market, contrary to the provisions of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.
