Man Sentenced to 12 Months Jail for Illegal Forex Deal

(Saheed Zubair Danjuma. Photo Credit: Naijaonpoint)

On Wednesday, July 29, 2026, Justice T. A. Aluko of the Federal High Court in Ikoyi, Lagos, found Saheed Zubair Danjuma guilty of conducting foreign exchange transactions outside of the official foreign exchange market and sentenced him to twelve months in prison.

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) charged Danjuma with one count of engaging in foreign exchange transactions outside of the official foreign exchange market, which is against Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.

A man identified as Saheed Zubair Danjuma has been convicted and sentenced to twelve months' imprisonment over an illegal foreign exchange transaction.

According to the charge, Danjuma, sometime in 2026, in Lagos, engaged in foreign exchange transactions with one Usman Muhammad other than through the official foreign exchange market.

Thereby committing 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. Following his guilty plea, prosecution counsel, U. S. Kyari, urged the court to convict and sentence him accordingly.

In his judgment, Justice Aluko convicted and sentenced Danjuma to twelve months' imprisonment, with an option of a fine of N100,000.