The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, has secured the conviction of Hammed Saka for unlawfully selling new naira notes. He has been sentenced to three months in prison.
Justice Ayokunle Faji of the Federal High Court in Ikoyi, Lagos, delivered the ruling on March 19, 2025.
Saka was found guilty of engaging in the illegal sale of newly issued currency from the Central Bank of Nigeria (CBN).
According to the charge, Saka was caught on December 14, 2024, at Villa Dome Event Centre on Okotie-Eboh Street, Ikoyi, Lagos, selling N800,000 in newly issued naira notes. His actions were deemed a violation of Section 21(4) of the Central Bank of Nigeria Act, 2007.
After the charges were read, Saka pleaded guilty.
Prosecution counsel S.I. Suleiman presented Saka’s confessional statement and the recovered money as evidence, urging the court to convict him.
Justice Faji sentenced Saka to three months in prison but offered an alternative fine of N100,000.
Additionally, the court ruled that the N800,000 seized from him be forfeited to the Federal Government of Nigeria.
The EFCC cautioned the public against engaging in such illegal activities and emphasized the legal consequences of violating currency regulations.
