Fake BDC Operator Receives Six Months for Illegal Trading
On February 5, 2025, the Federal High Court in Ikoyi, Lagos, presided over by Justice Chukwujekwu Aneke, sentenced Faruk Umar to six months imprisonment for engaging in illegal foreign exchange transactions. Umar was apprehended on August 26, 2024, near Eko Hotel, Victoria Island, Lagos, following credible intelligence on unauthorized Bureau De Change (BDC) operations in the area.
Upon investigation, it was revealed that Umar conducted foreign exchange transactions without the requisite license from the Central Bank of Nigeria (CBN). Forensic analysis of his mobile phone uncovered over 40 conversations related to forex dealings with various individuals. He pleaded guilty to the charges, leading to his conviction.
Justice Aneke sentenced Umar to six months imprisonment but provided an option of a ₦50,000 fine, payable into the Consolidated Revenue Account of the Federation. Additionally, Umar’s mobile phone was forfeited to the Federal Government.