In a landmark ruling aimed at curbing the abuse of Nigeria’s currency, the Federal High Court in Ikoyi, Lagos, on Friday sentenced two women—Folake Adeoti and Modupe Adewuyi—to one year imprisonment each for hawking naira notes in violation of the Central Bank of Nigeria (CBN) Act.
The sentencing was confirmed in a statement posted on Sunday by the Economic and Financial Crimes Commission (EFCC) via its official X (formerly Twitter) handle.
Illegal Currency Trading: A Repeat Offender Among the Convicted
According to the EFCC, both women were arraigned on separate one-count charges of illegal trading of currency, brought by the Lagos Zonal Directorate 1 of the anti-graft agency.
Folake Adeoti, identified as a repeat offender, had previously been convicted for the same offence. She was apprehended on March 21, 2025, opposite Regency Hall, Jobi Felé Way, Ikeja, in possession of N3,850,000 issued by the Central Bank of Nigeria.
Her charge read:
“That you, Folake Adeoti, on the 21st day of March, 2025, opposite Regency Hall, Jobi Felé Way, Ikeja, in Lagos within the jurisdiction of this Honourable Court, hawked the sum of N3,850,000.00 (Three Million, Eight Hundred and Fifty Thousand Naira) issued by the Central Bank of Nigeria and thereby committed an offence contrary to and punishable under Section 21(4) of the Central Bank of Nigeria Act, 2007.”
Second Offender Arrested with N1.6 Million
Similarly, Modupe Adewuyi was arrested the same day at Jobi Felé Street, opposite Regency Event Center, Alausa, Ikeja, while hawking N1,600,000 in N500 and N1000 denominations.
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Her charge read:
“That you, Modupe Adewuyi, on the 21st day of March, 2025, at Jobi Felé Street, opposite Regency Event Center, Alausa Ikeja, in Lagos, within the jurisdiction of this Honourable Court, engaged in hawking the total sum of N1,600,000 (One Million, Six Hundred Thousand Naira) of N500 and N1000 denominations, issued by the Central Bank of Nigeria and thereby committed an offence contrary to Section 21(4) and punishable under Section 21(1) of the Central Bank of Nigeria (Establishment) Act, 2007.”
EFCC Presents Evidence, Court Issues Sentence
Both defendants pleaded guilty. Prosecution counsel Z.B. Atiku presented their confessional statements and the cash recovered as evidence. He urged the court to convict and sentence them in line with the law.
Justice Yellin Bogoro sentenced Adeoti to one year in prison without the option of a fine. Her POS machine and the N3.85 million were ordered forfeited to the Federal Government.
Adewuyi received the same prison term but was granted an option of a N500,000 fine. Her POS machine and the N1.6 million were also forfeited.
EFCC Warns Against Naira Abuse
The EFCC reiterated its warning to the public against the abuse of the naira, which includes spraying, hawking, and mutilation of banknotes—all offences punishable under Nigerian law.
