Monday, May 5, 2025 - 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.
Justice Bogoro sentenced Adeoti to one year imprisonment without an option
of fine. In addition, her POS machine as well as the money recovered from her
were forfeited to the federal government. Adewuyi also bagged one year
imprisonment or to pay N500,000 (Five Hundred Thousand Naira) fine. In
addition, her POS machine and money recovered from her were also forfeited to
the federal government.
Adeoti and Adewuyi were intercepted on March 21, 2025 along Jobi Fele Way,
Ikeja, Lagos, while hawking Naira notes to the tune of N3,850,000.00 and
N1,600,000, respectively.
0 Comments