Justice Yellim Bogoro of the Federal High Court sitting 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 currency notes—an offence in contravention of the Central Bank of Nigeria (CBN) Act.
The duo were arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on separate one-count charges bordering on the unlawful trading of Naira notes, contrary to Sections 21(1) and 21(4) of the CBN Act, 2007.
According to court documents, Adeoti was arrested on March 21, 2025, opposite Regency Hall on Jobi Fele Way, Ikeja, while hawking N3.85 million in cash. Her accomplice, Adewuyi, was caught at the same location on the same day with N1.6 million in N500 and N1000 denominations.
Both defendants pleaded guilty to the charges. Prosecution counsel, Z.B. Atiku, presented their confessional statements and the money recovered as evidence.
Atiku further informed the court that Adeoti was a repeat offender, having previously been convicted for a similar crime before Justice Ibrahim Kala.
In delivering judgment, Justice Bogoro handed Adeoti a one-year sentence without the option of a fine.
The Justice ordered that her POS machine and the cash recovered be forfeited to the Federal Government.
Adewuyi, who faced a similar charge, also received a one-year jail term, though with an option of a ₦500,000 fine. Her POS device and seized funds were likewise forfeited.
The EFCC, via its official X (formerly Twitter) account, confirmed the convictions on Sunday, May 4.
The hawking of Naira notes, especially in large denominations, is considered a criminal offence under Nigerian law and has been a focus of renewed enforcement efforts by regulatory agencies.
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