Lagos, Nigeria – The Federal High Court in Ikoyi, Lagos, has convicted and sentenced two women, Folake Adeoti and Modupe Adewuyi, to one year in prison each for the illegal hawking of Naira notes, in violation of the Central Bank of Nigeria (CBN) Act.
Presiding over the case, Justice Yellim Bogoro delivered the ruling on Friday, following the defendants’ arraignment by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate.
Offence and Charges.
The EFCC charged Adeoti and Adewuyi on separate one-count charges related to the unauthorized sale of Naira notes — an act prohibited under Section 21(4) of the CBN Act, 2007.
According to court documents, Adeoti was caught on March 21, 2025, unlawfully selling ₦3,850,000 in cash opposite Regency Hall, Jobi Fele Way, Ikeja. Adewuyi, on the same date and location, was found hawking ₦1,600,000 in N500 and N1000 denominations — also in violation of Sections 21(1) and 21(4) of the Act.
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Conviction and Sentencing.
Both women pleaded guilty during the hearing. The EFCC’s counsel, Z.B. Atiku, presented confessional statements and recovered funds as evidence. Atiku further revealed that Adeoti had previously been convicted for a similar offence by Justice Ibrahim Kala, making her a repeat offender.
Justice Bogoro sentenced Adeoti to one year imprisonment without the option of a fine. Her POS machine and the recovered cash were ordered forfeited to the Federal Government of Nigeria.
Adewuyi received the same one-year sentence but was granted the option to pay a ₦500,000 fine. Her POS device and seized funds were also forfeited to the government.
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The EFCC reiterated that the illegal sale of currency undermines the integrity of Nigeria’s financial system and is a punishable offence under federal law. The agency warned that similar operations would continue across the country to deter further violations.
