Court jails two women for one year over illegal naira hawking in Lagos state

The Federal High Court sitting in Ikoyi, Lagos, has sentenced two women identified as Folake Adeoti and Modupe Adewuyi, to one year imprisonment each for illegal sale of Naira notes.

The duo were arrested on March 21, 2025, in Ikeja for trading in Naira notes valued at N3.85 million and N1.6 million, respectively, and have pleaded guilty upon the hearing the charges filed against them by the Lagos zonal directorate of the EFCC.

Justice Bogoro of the Federal High Court in Ikoyi has sentenced Adeoti to one year imprisonment without the option of a fine, following a review of her case. The court also ordered the forfeiture of her Point-of-Sale (POS) machine and recovered cash to the federal government.

Similarly, Adewuyi was handed a one-year jail term, but with an option of a N500,000 fine. Her POS terminal and seized funds were also forfeited to the government.

This was disclosed via a statement on the EFCC’s official X handle on Sunday, 4th of May 2025.

The statement partly reads:

“Justice Yellin Bogoro of the Federal High Court, sitting in Ikoyi, Lagos, on Friday, May 2, 2025, convicted and sentenced the duo of Folake Adeoti and Modupe Adewuyi to one year imprisonment, each for hawking Naira notes.

“They arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Awolowo Road, Ikoyi, Lagos on a separate one-count charge, bordering on illegal hawking of Naira notes.

“The charge against Adeoti reads: “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.”

“That of Adewuyi reads: “That you, Modupe Adewuyi, on the 21st day of March, 2025, at Jobi Fele 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.”

“They pleaded “guilty” to their charges, following which prosecution counsel, Z.B. Atiku tendered their confessional statement as well as the money recovered from them in evidence and urged the court to convict and sentence them accordingly. The prosecution counsel further informed the court that Adeoti was an ex-convict, having been prosecuted before Justice Ibrahim Kala and convicted on the same matter of Naira abuse.” [CONTINUE READING HERE]>>>>>