Lagos, Nigeria – May 4, 2025 – Justice Yellin Bogoro of the Federal High Court in Ikoyi, Lagos, delivered a decisive verdict on Friday, May 2, sentencing Folake Adeoti and Modupe Adewuyi to one year in prison each for illegally hawking Naira notes.
This ruling highlights the Economic and Financial Crimes Commission’s (EFCC) relentless efforts to curb financial crimes.
Moreover, it reinforces the consequences of violating Nigeria’s currency laws.
The EFCC’s Lagos Zonal Directorate 1 prosecuted the duo on separate one-count charges for breaching the Central Bank of Nigeria Act.
Specifically, Adeoti was caught selling N3,850,000, while Adewuyi possessed N1,600,000 in N500 and N1000 notes.
Consequently, the court found them guilty, emphasizing the severity of their offenses.
Authorities arrested Adeoti on March 21, 2025, opposite Regency Hall on Jobi Felé Way, Ikeja, while they intercepted Adewuyi nearby the same day.
After the prosecution presented their confessions and the seized cash as evidence, both defendants pleaded guilty.
As a result, Justice Bogoro swiftly moved to deliver the sentences.
Notably, Adeoti, an ex-convict with a prior similar offense, faced stricter punishment.
Justice Bogoro denied her the option of a fine, ordering one year in prison and forfeiting her POS machine and seized money to the federal government.
Meanwhile, Adewuyi received the same jail term but could pay a N500,000 fine instead.
Following the verdict, the EFCC tweeted via @officialEFCC, reaffirming its dedication to enforcing financial laws.
Additionally, the commission warned against activities that threaten Nigeria’s currency stability.
This case underscores the persistent challenges in regulating illegal currency transactions, especially in Lagos.
Furthermore, the EFCC urged the public to report suspicious financial activities, stressing collective responsibility in safeguarding the economy.
Ultimately, this ruling serves as a stern reminder of the legal consequences of abusing the Naira.
The government remains unwavering in its mission to protect Nigeria’s financial system.
In conclusion, the sentencing of Adeoti and Adewuyi demonstrates the judiciary’s firm stance against economic crimes.
It also signals a broader crackdown on illicit financial practices nationwide. Therefore, citizens must adhere to currency regulations to avoid similar repercussions.
The EFCC’s vigilance ensures that offenders face justice, preserving the integrity of Nigeria’s monetary policies.