Lagos Court Sentences Two Women for Hawking Naira Notes

On Friday, May 2, 2025, the Federal High Court in Ikoyi, Lagos, presided over by Justice Yellim Bogoro, convicted and sentenced two women, Folake Adeoti and Modupe Adewuyi, to one year imprisonment each for illegally hawking Nigerian currency notes. The convictions were secured by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) .
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Adeoti was apprehended on March 21, 2025, for hawking ₦3,850,000 in various denominations opposite Regency Hall on Jobi Fele Way, Ikeja. Similarly, Adewuyi was arrested on the same day and location for hawking ₦1,600,000, comprising ₦500 and ₦1,000 notes. Both actions contravened Sections 21(1) and 21(4) of the Central Bank of Nigeria (CBN) Act, 2007, which prohibits the sale or hawking of Naira notes.

During the court proceedings, both defendants pleaded guilty to the charges. The prosecution, led by counsel Z.B. Atiku, presented their confessional statements and the recovered sums as evidence.
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Justice Bogoro sentenced Adeoti to one year imprisonment without the option of a fine, ordering the forfeiture of her Point of Sale (POS) machine and the seized funds to the federal government. Adewuyi received a one-year sentence with an option of a ₦500,000 fine, and her POS device and recovered money were also forfeited.

This case underscores the EFCC’s ongoing efforts to enforce laws against the abuse and illegal trade of the Naira, aiming to preserve the integrity of Nigeria’s currency system.