The Economic and Financial Crimes Commission has arraigned two individuals, including a repeat offender, before the Federal High Court in Ikoyi, Lagos, for allegedly hawking and illegally trading in Naira notes, in violation of Nigeria’s currency regulations.
Folake Adeoti, an ex-convict previously sentenced for similar offences, was brought before Justice Yellim Bogoro on Friday, April 4, 2025, on a one-count charge of Naira abuse.
The EFCC accused her of hawking N3,850,000 along Jobi Fele Way in Ikeja on March 21, 2025.
The charge, filed under Section 21(4) of the Central Bank of Nigeria Act, 2007, stipulates penalties for actions that deface, mutilate, or trade in the country’s legal tender.
Adeoti pleaded guilty to the charge. Prosecution counsel, Z.B. Atiku, tendered her confessional statement and the recovered sum as exhibits and urged the court to convict her accordingly.
Justice Bogoro adjourned the matter to May 2, 2025, for judgment and ordered that Adeoti be remanded in a correctional facility.
In a similar case, the EFCC also arraigned Modupe Adewuyi for hawking N1,600,000 in N500 and N1,000 denominations at the same location. Adewuyi also pleaded guilty.
The prosecution presented her statement and the seized funds as evidence, and Justice Bogoro fixed her sentencing for May 2, 2025, ordering her remand pending the ruling.
In a statement, the EFCC reiterated its commitment to enforcing laws against Naira abuse, warning members of the public against engaging in the illegal trading and mutilation of the national currency.
The Commission emphasized that such actions undermine the sanctity of the Naira and contribute to wider economic and monetary challenges.
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