The Federal High Court sitting in Ikoyi, Lagos, has sentenced Saheed Zubair Danjuma to one year imprisonment for engaging in illegal foreign exchange transactions outside Nigeria’s official foreign exchange market.
Justice T. A. Aluko delivered the judgment on Wednesday, July 29, 2026, after Danjuma pleaded guilty to the charge brought against him by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
The EFCC arraigned Danjuma on a one-count charge of conducting foreign exchange transactions 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, Danjuma engaged in an unauthorized foreign exchange transaction with one Usman Muhammad in Lagos in 2026, contrary to the provisions of the law.
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When the charge was read in court, the defendant admitted guilt.
Following the guilty plea, EFCC prosecuting counsel, U. S. Kyari, urged the court to convict and sentence the defendant in line with the law.
Justice Aluko subsequently convicted Danjuma and sentenced him to 12 months’ imprisonment, with the option of paying a ₦100,000 fine instead of serving the jail term.
