Justice Yellin Bogoro of the Federal High Court, Ikoyi, Lagos, on Friday, sentenced two women; Folake Adeoti and Modupe Adewuyi, to one year imprisonment each for hawking Naira notes in violation of the Central Bank of Nigeria (CBN) Act.
According to a Sunday statement posted on X by the Economic and Financial Crimes Commission (EFCC), the defendants were arraigned on separate one-count charges bordering on the illegal trading of currency by the Lagos Zonal Directorate 1 of the anti-graft agency.
According to the EFCC, Adeoti, a repeat offender, having previously been convicted for the same offence before Justice Ibrahim Kala was apprehended on March 21, 2025, “opposite Regency Hall, Jobi Felé Way, Ikeja, in Lagos,” while hawking N3,850,000 issued by the CBN.
Her charge read, “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.”
Similarly, Adewuyi was caught on the same day at Jobi Fele Street, opposite Regency Event Center, Alausa Ikeja.
He charge read, “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 to the charges.
Prosecution counsel, Z.B. Atiku, tendered their confessional statements and the recovered cash as evidence.
Atiku urged the court to convict and sentence them accordingly.
Delivering judgment, Justice Bogoro sentenced Adeoti to one year imprisonment without an option of fine.
The court also ordered the forfeiture of her POS machine and the recovered N3.85 million to the federal government.
Adewuyi was similarly sentenced to one year imprisonment, with an option of a N500,000 fine.
Her POS machine and the recovered N1.6 million were also forfeited. The EFCC has continued to warn members of the public against the abuse of the Naira, which includes spraying, hawking, and mutilation of banknotes, all of which are punishable under the law.
