Fake Bureau De Change Operator Sentenced To Six Months

A Federal High Court in Lagos has sentenced Faruk Umar, a fake Bureau De Change (BDC) operator, to six months in prison for engaging in fraudulent foreign exchange transactions.

Umar was arrested on August 26, 2024, along with others, for operating illegal BDC activities at the Eko Hotel area of Victoria Island, Lagos.

He was charged with conducting foreign exchange transactions outside the official market, contrary to the National Economic Intelligence Committee Establishment Act, 1994.

During the trial, Umar pleaded guilty to the charge.

An investigative officer from the Economic and Financial Crimes Commission (EFCC) testified that Umar confessed to buying and selling foreign currency without a license from the Central Bank of Nigeria (CBN).

Forensic examination of Umar’s phone revealed over 40 conversations related to forex transactions with other individuals.

In addition to the prison sentence, Justice Chukwujekwu Aneke ordered Umar to pay a fine of N50,000, which will be paid into the Consolidated Revenue Account of the Federation.

Umar’s phone was also forfeited to the Federal Government of Nigeria.