A Federal High Court in Ikoyi, Lagos, has found AP McNisi Initiatives Limited guilty of conducting Bureau De Change (BDC) operations without the necessary government authorization. The case was presided over by Justice D.I. Dipeolu, who ruled that the firm had engaged in unauthorized foreign exchange transactions. Specifically, the company was charged with receiving ₦10 million for conversion to dollars on June 7, 2024, without approval from the Central Bank of Nigeria (CBN), which constitutes a violation of the National Economic Intelligence Committee Establishment Act.

The Economic and Financial Crimes Commission (EFCC) brought the matter to court, presenting evidence that indicated the company operated without a valid BDC license. During the proceedings, Adekunle Fadibe McNisi, the company's representative, confessed to the illegal operation and took responsibility for refunding the complainant. The EFCC's X handle shared updates on the case, indicating the seriousness of the offense and the enforcement of foreign exchange regulations in Nigeria.

Justice Dipeolu imposed a fine of ₦500,000 on the company and warned that failure to pay would lead to further legal consequences. This ruling underscores the Nigerian government's efforts to regulate the foreign exchange market strictly and penalize violations to maintain economic stability and integrity in the financial sector.