Justice Yellim Bogoro of the Federal High Court in Ikoyi, Lagos, has sentenced two women, Folake Adeoti and Modupe Adewuyi, to one year in prison each for engaging in the illegal trade of Naira notes, in violation of the Central Bank of Nigeria Act.
The Economic and Financial Crimes Commission confirmed the conviction in a statement released on Sunday, following the women’s arraignment on separate one-count charges of currency hawking by the Lagos Zonal Directorate 1 of the agency.
Adeoti, who was previously convicted for the same offense, was arrested on March 21, 2025, opposite Regency Hall, Jobi Fele Way in Ikeja, while hawking N3,850,000. She pleaded guilty to the charge.
The court subsequently ordered the forfeiture of the seized funds and her Point of Sale machine to the federal government.
“You, Folake Adeoti, on the 21st day of March, 2025… hawked the sum of N3,850,000.00 issued by the Central Bank of Nigeria and thereby committed an offence,” the charge read.
Similarly, Modupe Adewuyi was apprehended at the same location on the same day, in possession of N1,600,000 in N500 and N1,000 denominations. She also pleaded guilty. Justice Bogoro sentenced her to one year imprisonment with an option of a N500,000 fine, and ordered the forfeiture of the recovered funds and her POS machine.
EFCC prosecutor, Z.B. Atiku, presented the confessional statements of both defendants and the recovered cash as evidence, urging the court to convict them.
In his judgment, Justice Bogoro emphasized the need for deterrence in enforcing currency regulations, particularly concerning Naira abuse.
The EFCC reiterated its warning to the public against acts such as spraying, mutilating, and hawking Naira notes, noting that these remain punishable offenses under the CBN Act.
