A Federal High Court sitting in Ikoyi, Lagos State, has sentenced two women to one year imprisonment each for illegally hawking Naira notes, in violation of the Central Bank of Nigeria (CBN) Act.
Justice Yellin Bogoro delivered the ruling on Friday, convicting Folake Adeoti, a repeat offender, and Modupe Adewuyi after they both pleaded guilty to separate one-count charges brought against them by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
The EFCC told the court that Adeoti was apprehended on March 21, 2025, along Jobi Fele Way in Ikeja, while hawking Naira notes totalling ₦3.85 million. Adeoti, an ex-convict, had previously been sentenced for a similar offence by Justice Ibrahim Kala.
On the same day and location, EFCC operatives also arrested Adewuyi, who was found with ₦1.6 million in ₦500 and ₦1,000 denominations. Both women were caught selling cash in violation of the CBN’s regulations against street cash trading.
The EFCC’s prosecution counsel, Z.B. Atiku, presented their confessional statements and the cash recovered from them as evidence. He urged the court to convict them accordingly.
Justice Bogoro sentenced Adeoti to one year in prison with no option of a fine. In addition, the court ordered the forfeiture of her POS machine and the ₦3.85 million recovered from her to the Federal Government.
Adewuyi received a similar sentence of one year imprisonment, but with the option to pay a ₦500,000 fine. Her POS machine and the ₦1.6 million recovered were also forfeited to the federal government.
The EFCC has reiterated its commitment to enforcing anti-money laundering laws and curbing street-level currency racketeering, which undermines Nigeria’s financial system.
