Court Sentences Forex Dealer to Two Months in Prison

Dabo Malam Ardi, a bureau de change operator, was convicted and sentenced to two months’ imprisonment by the Federal High Court in Ikoyi, Lagos, for engaging in illegal foreign exchange transactions. The Economic and Financial Crimes Commission (EFCC) reported that Ardi was arraigned before Justice F.

N. Ogazi on a one-count charge related to conducting foreign exchange transactions outside the official market.

The charge stated that Ardi committed the offence in 2026 within Lagos State, violating Section 11(1)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994. After the charge was read, Ardi pleaded guilty.

The prosecution counsel, S. I.

Suleiman, urged the court to convict him based on the facts presented. Justice Ogazi found Ardi guilty and imposed a two-month prison sentence, with an option of an N80,000 fine, after confirming his admission of guilt regarding the illegal transactions.