NIGERIA: Court Jails Ex-convict, One Other For Hawking Naira Notes in Lagos

By Ameenat Hamzat, Lagos, Nigeria 

Justice Yellin Bogoro of the Federal High Court in Ikoyi, Lagos, has sentenced two women, including a previously convicted offender, to one year in prison each for illegally hawking Naira notes.

The convicts, Folake Adeoti and Modupe Adewuyi, were arrested by operatives of the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on March 21, 2025, along Jobi Fele Way, Ikeja, while selling newly printed Naira notes totaling over N5.4 million.

According to the EFCC, Adeoti was caught with N3.85 million, while Adewuyi was in possession of N1.6 million in N500 and N1000 denominations — all issued by the Central Bank of Nigeria (CBN).

The two women were arraigned separately on a one-count charge each, bordering on the illegal trade of Naira notes, in violation of Section 21(4) of the CBN Act, 2007.

Adeoti’s charge read in part: “That you, Folake Adeoti, on the 21st day of March, 2025, opposite Regency Hall, Jobi Felé,Way, Ikeja, in Lagos within the jurisdiction of this Honourable Court, hawked the sum of N3,850,000.00 (Three Million, Eight Hundred and Fifty Thousand Naira) issued by the Central Bank of Nigeria and thereby committed an offence contrary to and punishable under Section 21(4)) of the Central Bank of Nigeria Act, 2007.”

That of Adewuyi reads: “That you, Modupe Adewuyi, on the 21st day of March, 2025, at Jobi Fele Street, opposite Regency Event Center, Alausa Ikeja, in Lagos, within the jurisdiction of this Honourable Court, engaged in hawking the total sum of N1,600,000 (One Million, Six Hundred Thousand Naira) of N500 and N1000 denominations, issued by the Central Bank of Nigeria and thereby committed an offence contrary to section 21(4) and punishable under Section 21(1) of the Central Bank of Nigeria (Establishment) Act, 2007.”

Both defendants pleaded guilty during their arraignment. Prosecuting counsel Z.B. Atiku presented their confessional statements and the recovered cash as evidence

The court was also informed that Adeoti had previously been convicted for a similar offence by Justice Ibrahim Kala.

Justice Bogoro sentenced Adeoti to one year imprisonment with no option of fine and ordered the forfeiture of her POS machine and the seized money to the Federal Government.

Adewuyi, on the other hand, was given the option of paying a N500,000 fine in lieu of imprisonment. Her POS machine and money were also forfeited.