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Court Convicts BDC Operator of Illegal Forex Trading
🇳🇬 Nigeria /Crime & Justice

Court Convicts BDC Operator of Illegal Forex Trading

From Premium Times · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Official statement Outcome reported
  • A bureau de change operator, Dabo Ardi, was sentenced to two months in prison or an N80,000 fine for illegal forex trading.
  • The conviction stems from conducting foreign exchange transactions outside the official market, violating Nigerian law.
  • This case is part of ongoing EFCC efforts to prosecute illegal BDC operators in Lagos.

A bureau de change (BDC) operator, Dabo Ardi, has been sentenced to two months in prison or a fine of N80,000 by the Federal High Court in Lagos for engaging in illegal foreign exchange transactions. Justice F.N. Ogazi handed down the sentence after Mr. Ardi pleaded guilty to a one-count charge filed by the Economic and Financial Crimes Commission (EFCC).

The EFCC, through its Head of Media and Publicity, Dele Oyewale, stated that Mr. Ardi was prosecuted for operating outside the official foreign exchange market. The charge specified that Mr. Ardi conducted foreign exchange transactions outside the official market in Lagos sometime in 2026, contravening Section 11(1)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994, and punishable under Section 11(2) of the law.

Mr Ardi was prosecuted for engaging in an illegal foreign exchange transaction.

— Dele OyewaleDele Oyewale, Head of Media and Publicity for the EFCC, explained the reason for Dabo Ardi's prosecution.

Following Mr. Ardi's guilty plea, the prosecution lawyer, S.I. Suleiman, reviewed the case facts and urged the court for conviction and sentencing. Justice Ogazi found him guilty and imposed the sentence, offering the option of a fine. This conviction is among several recent cases where the EFCC has prosecuted BDC operators in Lagos for similar offenses.

On July 31, four other BDC operators, Umar Muhammad Lamido, Yusuf Musa Yusuf, Abdulmuhimin Mahmud, and Muhammed Musa, received 12-month prison sentences or N100,000 fines each after pleading guilty to similar charges. These cases also fall under the 1994 Act. Previously, in February 2025, another BDC operator, Faruk Umar, was sentenced to six months imprisonment or a N50,000 fine for a similar offense. Mr. Umar was arrested in August 2024 in Lagos, and an EFCC investigating officer testified that Mr. Umar admitted to trading foreign currency without a license from the Central Bank of Nigeria. Forensic examination of his phone revealed numerous conversations related to forex transactions.

Mr Ardi admitted buying and selling foreign currency without a Central Bank of Nigeria licence.

— Hamisu SanniEFCC investigating officer Hamisu Sanni testified in court regarding Faruk Umar's admission.
DistantNews Editorial

Originally published by Premium Times in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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