Justice Akintayo Aluko of the Federal High Court, Ikoyi, Lagos, on Thursday, July 30, 2026, convicted and sentenced a man and four Bureau de Change, BDC, operators to various jail terms for money laundering and illegal foreign exchange transactions.
The convict, Sunmonu Olasunkanmi Thaoban, was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on a two-count charge bordering on money laundering.
One of the counts stated that Thaoban, “sometime in 2023, in Lagos, whilst acting as a middleman, indirectly disguised the origin of the sum of ₦16,000,000 by converting same to a black G-Wagon Jeep, 2018 model, with chassis number 1C4HJWEGJL893461, being proceeds of an unlawful activity.”
The offence is contrary to Section 18(2)(a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Thaoban pleaded guilty to both counts.
Following his plea, prosecution counsel, H. U. Kofarnaisa, reviewed the facts of the case and urged the court to convict and sentence him accordingly.
Justice Aluko found him guilty and sentenced him to four years’ imprisonment with an option of a ₦1.8 million fine. The court also ordered the forfeiture of his black G-Wagon Jeep and mobile device to the Federal Government.
In a related development, the court also convicted and sentenced four BDC operators to 12 months’ imprisonment each for engaging in illegal foreign exchange operations.
The convicts are Umar Muhammad Lamido, Yusuf Musa Yusuf, Abdulmuhimin Mahmud, and Muhammed Musa. They were prosecuted by the EFCC, Ikoyi, on separate one-count charges.
One of the charges against Abdulmuhimin Mahmud stated that he “on the 23rd of July, 2026, in Lagos, engaged in a foreign exchange transaction other than through the official foreign exchange market,” an offence contrary to Section 11(1)(a) of the National Economic Intelligence Committee Establishment Act, 1994 and punishable under Section 11(2).
The four defendants also pleaded guilty to their respective charges. After reviewing the facts presented by Kofarnaisa, Justice Aluko convicted them and sentenced each to 12 months’ imprisonment with an option of a ₦100,000 fine.
