Justice D.I. Dipeolu of the Federal High Court, Ikoyi, Lagos, has convicted AP McNisi Initiatives Limited for operating a Bureau De Change business without a valid licence, imposing a fine of ₦500,000.
In a post obtained from EFCC’s X handle on Friday, the commission arraigned the company on a charge of engaging in foreign exchange transactions outside the official market, in violation of the National Economic Intelligence Committee Establishment Act.
The offence occurred on June 7, 2024, when the company allegedly received ₦10 million for conversion to dollars without Central Bank of Nigeria approval.
During proceedings, the company pleaded guilty. EFCC operatives presented evidence, including correspondence with the complainant and bank records, confirming that the firm was unlicensed.
The company’s alter ego, Adekunle Fadibe McNisi, admitted to operating without CBN approval and refunded the complainant.
Justice Dipeolu ordered the company to pay ₦500,000, warning that failure to do so would result in the forfeiture of assets of equivalent value to the Federal Government.
The charge reads: “ That you, AP Mcnisi Initiatives Limited, on or about June 7, 2024, in Lagos, within the jurisdiction of this Honourable Court, engaged in a foreign exchange transaction with one Adeoye Phillips Tomilola other than through the official foreign exchange market and without a valid licence from the Central Bank of Nigeria (CBN) to carry on the business of Bureau De Change, and you thereby committed an offence contrary to Section 11(1)(a) of the National Economic Intelligence Committee Establishment (Etc.) Act and punishable under Section 11(2) of the same Act.”
