The Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced Saheed Zubair Danjuma to 12 months' imprisonment for engaging in foreign exchange transactions outside the official foreign exchange market.

Justice T. A. Aluko delivered the judgment on Wednesday after Danjuma pleaded guilty to a one-count charge filed against him by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

The charge alleged that the defendant conducted an illegal foreign exchange transaction with one Usman Muhammad in Lagos, contrary to Section 11(1)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994, an offence punishable under Section 11(2)(a) of the same Act.

During the proceedings, EFCC prosecuting counsel, U. S. Kyari, urged the court to convict and sentence the defendant following his guilty plea.

In his judgment, Justice Aluko found Danjuma guilty and sentenced him to 12 months' imprisonment, with an option of a ₦100,000 fine.

The conviction underscores the EFCC's continued enforcement of Nigeria's foreign exchange regulations aimed at curbing illegal currency trading and ensuring compliance with the country's financial laws.