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:
- 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.
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