Justice Yellin Bogoro of the Federal High Court in Ikoyi, Lagos, on Friday, May 2, 2025, convicted and sentenced two women, Folake Adeoti and Modupe Adewuyi, to one year imprisonment each for hawking Naira notes an act deemed illegal under Nigerian financial laws.
The duo was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on separate one-count charges bordering on the illegal hawking of Naira notes, contrary to Section 21(4) of the Central Bank of Nigeria (CBN) Act, 2007.
According to the EFCC, Folake Adeoti was caught on March 21, 2025, near Regency Hall on Jobi Fele Way in Ikeja, Lagos, with N3,850,000 in Naira notes allegedly hawked in public. The charge read in court stated that the amount was issued by the CBN and used in a manner that violates the Act. Adeoti pleaded guilty, and her confessional statement, along with the cash recovered and her POS machine, was tendered in evidence by prosecution counsel Z.B. Atiku.
The prosecution further revealed that Adeoti is a repeat offender, having been previously convicted for a similar offence by Justice Ibrahim Kala. In view of her prior conviction, Justice Bogoro handed down a one-year jail term without the option of a fine. Additionally, her POS machine and all funds recovered were ordered forfeited to the federal government.
Modupe Adewuyi, similarly arrested on the same day and location with N1,600,000 in various denominations, also pleaded guilty. Justice Bogoro sentenced her to one year in prison with an option to pay a fine of N500,000. Her POS machine and the hawked cash were also forfeited.
The arrests and convictions come amid renewed efforts by the EFCC and the Central Bank of Nigeria to clamp down on the abuse of the national currency and maintain the integrity of financial transactions in the country.
The EFCC has reiterated its commitment to enforcing currency regulations, warning that anyone found abusing or hawking Naira notes will face the full weight of the law.
