Eric Patrick
Justice Yellin Bogoro of the Federal High Court, sitting in Ikoyi, Lagos, on Friday, May 2, convicted and sentenced an ex-convict, Folake Adeoti, and one other person identified as Modupe Adewuyi to one year imprisonment for hawking Naira notes.
The suspects were arraigned by the Economic and Financial Crimes Commission, Lagos Zonal Directorate 1, in Ikoyi, Lagos on a separate one-count charge, bordering on illegal hawking of Naira notes.
The Economic and Financial Crimes Commission disclosed this in a statement shared on its Facebook page on Sunday.
The charge against Adeoti 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 N3,850,000.00, 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’s count charge read, “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 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.”
The both suspects 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.
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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.
Adeoti’s POS machine as well as the money recovered from her were forfeited to the federal government.
Adewuyi also bagged one year in imprisonment or to pay N500,000 fine.
Adewuyi’s POS machine and money recovered from her were also forfeited to the federal government.