Ayomide Awe
The Lagos zonal directorate of the Economic and Financial Crimes Commission (EFCC) has prosecuted and secured the conviction of Hammed Saka for the illegal hawking of new Nigerian currency notes.
The judgement was delivered by Justice Ayokunle Faji of the Federal High Court in Ikoyi, Lagos, on March 19, 2025.
Saka was found guilty of contravening Section 21(4) of the Central Bank of Nigeria Act, 2007, for trading an amount totaling N800,000 in new currency notes issued by the Central Bank of Nigeria.
The offence took place at the Villa Dome Event Centre on Okotie-Eboh Street, Ikoyi, Lagos, on December 14, 2024.
During the proceedings, Saka pleaded guilty to the charge brought against him.
The prosecution, led by S.I. Suleiman, presented Saka’s confessional statement and the recovered money as evidence, urging the court to uphold the charge.
In his ruling, Justice Faji sentenced Saka to three months’ imprisonment or a fine of N100,000, giving him the option to choose between the two penalties.
Additionally, the court ordered that the N800,000 recovered from Saka be forfeited to the Federal Government of Nigeria.
Following the judgement, the EFCC issued a warning to the public against engaging in illegal activities involving Nigerian currency, stressing the severe legal repercussions for violating currency regulations.
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