Justice Yellim Bogoro of the Federal High Court in Ikoyi, Lagos, on Friday sentenced two women, Folake Adeoti and Modupe Adewuyi to one year imprisonment each for illegally hawking Naira notes, in violation of the Central Bank of Nigeria (CBN) Act.
The Economic and Financial Crimes Commission (EFCC), in a statement posted on Sunday via X, said the women were arraigned on separate one-count charges by its Lagos Zonal Directorate 1, for trading in currency without authorization.
Adeoti, described by the EFCC as a repeat offender previously convicted for the same offence before Justice Ibrahim Kala, was arrested on March 21, 2025, at Jobi Felé Way, opposite Regency Hall in Ikeja, Lagos. She was caught hawking Naira notes totalling ₦3,850,000.
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 ₦3,850,000.00 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.”
Adewuyi was arrested the same day at Jobi Felé Street, near the Regency Event Center, with ₦1,600,000 in ₦500 and ₦1000 denominations.
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 ₦1,600,000 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 CBN Act, 2007.”
Both defendants pleaded guilty to the charges.
The prosecution counsel, Z.B. Atiku, presented their confessional statements and the recovered cash as evidence and urged the court to convict and sentence them accordingly.
Justice Bogoro sentenced Adeoti to one year in prison without an option of a fine. Her POS machine and the ₦3.85 million were ordered forfeited to the federal government.
Adewuyi was also sentenced to one year in prison, but with an option of a ₦500,000 fine. Her POS machine and ₦1.6 million were likewise forfeited.
The EFCC reiterated its warning to the public against the abuse of the Naira—including spraying, hawking, and mutilation of currency—which remains a punishable offence under Nigerian law.
