A Federal High Court in Abuja on Monday, 7 September 2026, sentenced two Bureau De Change (BDC) operators to five years in prison each for operating without valid licences from the Central Bank of Nigeria (CBN).
Justice Obiora Egwuatu handed down the sentences in two separate cases prosecuted by the Economic and Financial Crimes Commission (EFCC). The defendants are Isah Sulaiman, who operated as Sly Exclusive Multi Concept, and Aminu Abdullahi, who was prosecuted alongside Ninext Multi-Ventures Ltd.
The cases were brought under Section 57(5) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which provides penalties for conducting the business of a financial institution without the required authorisation.
In Abdullahi’s case, the EFCC and the defendant had agreed to a plea bargain that recommended a one-year prison sentence. Justice Egwuatu rejected the proposed sentence, ruling that it was not consistent with the penalty provided by the law.
The court subsequently sentenced Abdullahi to five years’ imprisonment or a ₦2 million fine. The judge directed that the fine, if paid, must be remitted to the Federal Government’s Treasury Single Account and ruled that time already spent in custody would count towards the prison term.
Sulaiman received the same sentence, five years in prison or a ₦2 million fine, after pleading guilty to operating a BDC business without the required CBN approval.
The convictions come as the CBN continues to tighten regulation of Nigeria’s BDC sector.
On 1 March 2024, the CBN announced the revocation of the operating licences of 4,173 BDC operators that failed to meet regulatory requirements. The bank said the move was part of efforts to strengthen oversight of the foreign exchange market.
The regulator subsequently introduced revised BDC guidelines, including new capital and compliance requirements. On 27 November 2025, the CBN granted final licences to 82 BDCs under the revised framework and stated that only BDCs listed on its website were authorised to operate from that date.
The latest convictions reinforce the CBN’s position that businesses offering BDC services must obtain regulatory approval before operating.
For operators and customers alike, the court’s decision also highlights the legal risk of dealing in foreign exchange outside the licensed framework.
