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2 clusters · 5 sources · 10 days · First seen · Last updated

EFCC enforcement against illegal currency trading

Overview

The Economic and Financial Crimes Commission (EFCC) has secured multiple prison sentences through the Federal High Court in Ikoyi, Lagos, for illegal currency activities.

In early August, four individuals were sentenced for unauthorized foreign exchange transactions and unlawful naira trading. Ahmad Umar Baros received two months' imprisonment for conducting foreign exchange transactions outside the official market, while Aminu Umar Injay, Yusuf Suleimon, and Olasunbo Sholanke each received six months' imprisonment or a fine for illegal naira trading.

Following this, in mid-August, two women, Mutairu Omowunmi Tawa and Faith Chukwujeku, were sentenced to six months in prison, with an option of a ₦50,000 fine, for violating the Central Bank of Nigeria (Establishment) Act, 2007. The convicts were charged with hawking and trading large sums of naira notes. The court ordered the forfeiture of the recovered cash to the Federal Republic of Nigeria.

Entities

Economic and Financial Crimes Commission · Federal High Court · Federal High Court, Ikoyi · Nigeria Customs Service · Central Bank of Nigeria

Timeline

  1. 26 days ago

    [CRIME] 3 sources
    Lagos court sentences two for illegal naira trading

    Two women were sentenced to six months in prison by a Lagos Federal High Court for illegal naira trading and currency hawking in violation of the Central Bank of Nigeria Act.

  2. about 1 month ago

    [CRIME] 3 sources
    EFCC secures prison sentences for illegal naira and forex trading

    Four individuals were sentenced by a Lagos Federal High Court for illegal foreign exchange transactions and unlawful naira trading following an EFCC prosecution.

Sources

blueprint.ng · brainnewspaper.com · gistmania.com · punchng.com · thenigerialawyer.com