The Federal High Court in Ikoyi, Lagos, has sentenced Faruk Umar to six months in prison for engaging in unauthorized foreign exchange transactions.
In a statement posted on X on Monday, the Economic and Financial Crimes Commission (EFCC) announced that Justice Chukwujekwu Aneke delivered the judgment on Wednesday following Umar’s guilty plea to charges brought against him by the EFCC.
Umar was arrested on August 26, 2024, alongside others at the Eko Hotel area of Victoria Island, Lagos, based on credible intelligence regarding illegal Bureau De Change operations. He was later arraigned by the Lagos Zonal Directorate of the EFCC on a one-count charge of conducting forex transactions outside the official market.
Part of the charge reads: “That you, Faruk Umar, sometime in August 2024 at Eko Hotel Area, Victoria Island, Lagos State, within the jurisdiction of this Honourable Court, engaged in a foreign exchange transaction outside the official forex market, thereby committing an offence contrary to Section 11(1)(a) of the National Economic Intelligence Committee Establishment Act, 1994, and punishable under Section 11(2) of the same Act.”
During the proceedings, EFCC prosecutor C.C. Okezie called investigating officer Hamisu Sanni, who testified that Umar admitted to buying and selling foreign currency without a Central Bank of Nigeria license.
"We conducted a forensic analysis of his phone, which revealed over 40 conversations related to forex transactions," Sanni told the court.
Following the submission of evidence, the prosecution urged the court to convict and sentence Umar.
Justice Aneke subsequently found him guilty, sentencing him to six months imprisonment with an option of a ₦50,000 fine payable to the Consolidated Revenue Account of the Federation. Additionally, the court ordered the forfeiture of Umar’s phone to the Federal Government of Nigeria.
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