Justice Yellin Bogoro of the Federal High Court in Ikoyi, Lagos, has sentenced Folake Adeoti and Modupe Adewuyi to one year imprisonment each for hawking Naira notes, violating the Central Bank of Nigeria Act. The Economic and Financial Crimes Commission (EFCC) had arraigned them on separate one-count charges bordering on illegal currency trading.
Adeoti, a repeat offender, was apprehended on March 21, 2025, opposite Regency Hall, Jobi Felé Way, Ikeja, while hawking N3,850,000. Adewuyi was caught on the same day at Jobi Fele Street, opposite Regency Event Center, Alausa Ikeja, with N1,600,000 in N500 and N1000 denominations. Both defendants pleaded guilty to the charges.
Prosecution counsel Z.B. Atiku tendered their confessional statements and the recovered cash as evidence, urging the court to convict and sentence them accordingly. Justice Bogoro sentenced Adeoti to one year imprisonment without an option of fine, ordering the forfeiture of her POS machine and the recovered N3.85 million to the federal government. Adewuyi received a similar sentence, with an option of a N500,000 fine, and her POS machine and recovered N1.6 million were also forfeited.
The EFCC continues to warn against Naira abuse, emphasizing that spraying, hawking, and mutilation of banknotes are punishable under the law. This case highlights the commission's efforts to curb financial crimes and protect the Nigerian economy.
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