A Lagos court has sentenced a man to one year in prison for defrauding victims of ₦37 million in a foreign exchange (forex) investment scheme.
The defendant was found guilty after the court established that he obtained the funds under false pretences, promising high returns from forex trading that never materialised.
Delivering judgment at the Lagos State High Court, the judge held that the prosecution proved its case beyond reasonable doubt. The court noted that the fraudulent acts breached Nigeria’s financial and criminal laws.
In addition to the jail term, the court ordered appropriate restitution measures, warning members of the public to be wary of investment offers that guarantee unusually high returns without credible documentation or regulatory approval.
The case was prosecuted by anti-graft authorities as part of ongoing efforts to curb financial crimes and protect investors in the country.