Court Convicts Firm for Illegal Bureau de Change Operations in Lagos

Business, Crime Diary

LAGOS, NIGERIA (NPA): A Federal High Court in Ikoyi, Lagos, on Friday, February 20, 2026, convicted AP Mcnisi Initiatives Limited for operating a Bureau de Change (BDC) business without authorization from the Central Bank of Nigeria (CBN). The company was fined ₦500,000, with the court ordering that its assets of equivalent value be forfeited to the federal government if the fine is not paid.

The conviction followed a one-count charge filed by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, alleging illegal foreign exchange transactions. Prosecutors told the court that the firm received ₦10 million for conversion into U.S. dollars but failed to deliver the agreed sum. Investigations revealed the company lacked a valid CBN licence to operate as a BDC.

Adekunle Fadibe Mcnisi, identified as the company’s principal, admitted the firm had no regulatory approval. The defendant later refunded the complainant, but Justice Dipeolu ruled that the offence contravened Section 11(1)(a) of the National Economic Intelligence Committee Establishment Act, imposing the fine as penalty.