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Lagos – A Federal High Court in Ikoyi has sentenced two women, Folake Adeoti and Modupe Adewuyi, to prison for illegally hawking Naira notes. Justice Yellim Bogoro handed down the sentences after both women pleaded guilty to the charges brought by the Economic and Financial Crimes Commission (EFCC).
The EFCC arraigned Adeoti and Adewuyi separately on charges related to the unlawful sale of Nigerian currency. Their guilty pleas confirmed their involvement in the illicit trade. This conviction highlights the ongoing crackdown on currency racketeering.
Repeat Offender Faces Stricter Sentence
The court learned details about the defendants’ activities:
- Folake Adeoti: Identified as a repeat offender, she was caught trading N3,850,000 in Naira notes.
- Modupe Adewuyi: Found hawking N1,600,000 in currency notes.
Prosecutor Z.B. Atiku presented their confessions and the seized cash as evidence. Justice Bogoro sentenced Adeoti, the repeat offender, to one year imprisonment with no option of a fine. Adewuyi received a one-year term but can pay a ₦500,000 fine instead of serving time. The case underscores the legal risks of hawking Naira notes.
Forfeiture and Legal Warning
Beyond the prison terms, the court ordered significant forfeitures. The POS machines used in the transactions and all the seized funds from both women are now forfeited to the federal government.
Justice Bogoro stressed the seriousness of the offense, citing Section 21(4) of the CBN Act, 2007 as the legal basis for the punishment. The EFCC’s successful prosecution of these women jailed Naira hawking sends a clear deterrent message against currency manipulation.
By Kayode Ojo
