Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission has secured the conviction and sentencing of a man for engaging in foreign exchange transactions outside the official market, in a ruling that underscores the ongoing battle against currency speculation and economic sabotage in Nigeria. Justice T.A. Aluko of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, July 29, 2026, convicted and sentenced Saheed Zubair Danjuma to twelve months' imprisonment for violating Nigeria's foreign exchange regulations, with an option of a N100,000 fine.
Danjuma was arraigned by the Lagos Zonal Directorate 1 of the EFCC on a one-count charge bordering on engaging in foreign exchange transactions other than through the official foreign exchange market. The charge, filed under Section 11(1)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994, which is punishable under Section 11(2)(a) of the same Act, alleged that the defendant sometime in 2026 at Lagos engaged in foreign exchange transactions with one Usman Muhammad outside the official foreign exchange market.
The charge reads: "That you, SAHEED ZUBAIR DANJUMA, sometime in 2026, at Lagos within the jurisdiction of this Honourable Court, engaged in foreign exchange transactions with Usman Muhammad 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)(a) of the same Act."
The defendant pleaded guilty to the charge when it was read to him, a plea that effectively ended the need for a full trial. Following his guilty plea, prosecution counsel, U.S. Kyari, urged the court to convict and sentence him accordingly. In his judgment, Justice Aluko convicted Danjuma and sentenced him to twelve months' imprisonment, with an option of a fine of N100,000.
The conviction is significant given the context of Nigeria's ongoing foreign exchange crisis, which has seen the naira depreciate sharply against major currencies, leading to soaring inflation and increased cost of living. The Central Bank of Nigeria has repeatedly warned against illegal foreign exchange transactions, which it says undermine monetary policy and fuel currency speculation. The EFCC, as the lead agency in the fight against economic and financial crimes, has intensified efforts to clamp down on illegal forex operators, currency speculators, and other economic saboteurs.
The prosecution of Danjuma under the National Economic Intelligence Committee Act, 1994, rather than the more commonly cited Central Bank of Nigeria Act or the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, highlights the broad powers available to law enforcement agencies in prosecuting economic offences. The Act, which established the National Economic Intelligence Committee, empowers the committee to collect, collate, and evaluate intelligence on economic crimes, and provides for the prosecution of individuals engaged in activities that undermine the nation's economic stability.
The case also underscores the EFCC's determination to pursue convictions against individuals engaged in illegal foreign exchange activities, even where the amounts involved may appear relatively modest. By securing a conviction in this case, the EFCC has sent a clear message that no one is above the law and that illegal forex trading, regardless of scale, carries serious consequences.
The conviction of Saheed Zubair Danjuma serves as a warning to others engaged in similar activities that the long arm of the law will eventually catch up with them. As Nigeria continues to grapple with economic challenges, the enforcement of foreign exchange regulations is expected to remain a priority for the EFCC and other law enforcement agencies. The case also highlights the importance of public cooperation in reporting illegal forex activities, as the success of such prosecutions often depends on credible intelligence from members of the public.
The EFCC has reaffirmed its commitment to the fight against economic and financial crimes and has urged members of the public to continue providing credible information that would assist in the prosecution of those who engage in activities that undermine the nation's economy. The conviction of Danjuma is a testament to the Commission's resolve to ensure that those who flout the law are brought to justice and made to face the full consequences of their actions.
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