Lagos Court Fines Firm N500k Over Illegal BDC Operations

​A Federal High Court in Ikoyi has convicted AP Mcnisi Initiatives Limited for conducting foreign exchange transactions without a valid license from the Central Bank of Nigeria (CBN). Presiding Judge, Justice D.I. Dipeolu, handed down the sentence on Friday, February 20, 2026, following the company’s “guilty” plea to a one-count charge brought by the Economic and Financial Crimes Commission (EFCC).

​The legal trouble for the firm began following a petition involving a failed currency swap. According to EFCC operative Bello Buhari Kobi, the defendant received N10,000,000 into its Guaranty Trust Bank account from a client, Adeoye Phillips Tomilola, intended for conversion into $9,000. However, the company failed to deliver the dollar equivalent, prompting an investigation.

​Investigation Findings

​The EFCC’s probe revealed a significant breach of financial regulations:

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• ​No Licensing: Investigations confirmed that AP Mcnisi Initiatives Limited was not authorized by the CBN to operate as a Bureau De Change.
• ​Admission of Guilt: Adekunle Fadibe Mcnisi, identified as the “alter ego” of the company, admitted during questioning that the firm lacked the necessary apex bank approval.
• ​Restitution: The court heard that the defendant has since refunded the complainant the initial N10 million.

​The Verdict

​Justice Dipeolu found the company’s actions to be in direct violation of Section 11(1)(a) of the National Economic Intelligence Committee Establishment Act.

​The court ordered the company to pay a fine of N500,000. In a strict warning against further non-compliance, the judge ruled that failure to pay the fine would result in the forfeiture of company assets valued at the same amount to the Federal Government.