A bureau de change operator, Faruk Umar has been sentenced to six months in prison by the Federal High Court in Ikoyi, Lagos, for participating in illegal foreign exchange transactions.
A statement published on the official X account of the Economic and Financial Crimes Commission (EFCC), the ruling was delivered by Justice Chukwujekwu Aneke after Umar pleaded guilty to a charge brought against him by the anti-fraud commission.
Umar was apprehended on August 26, 2024, along with others, in the Eko Hotel area of Victoria Island, Lagos, following credible intelligence regarding the activities of illegal bureau de change operators.
He faced a one-count charge for conducting forex transactions outside the official market, contrary to Section 11(1) (a) of the National Economic Intelligence Committee Establishment Act, 1994, and punishable under Section 11(2) of the same Act.
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During the court proceedings, the prosecutor, C.C. Okezie presented findings from investigating officer, Hamisu Sanni, who testified that Umar admitted to trading foreign currency without the requisite license from the Central Bank of Nigeria (CBN).
A forensic examination of Umar’s phone revealed over 40 conversations related to forex transactions.
The commission also submitted Umar’s confessions and the investigation’s findings as evidence, while urging for his conviction.
Justice Aneke found him guilty and imposed a six-month prison sentence, offering the option of a ₦500, 000 fine that must be paid into the consolidated revenue account of the federation.
Additionally, the court ordered the forfeiture of Umar’s phone to the federal government.
