On Friday, Justice Yellin Bogoro of the Federal High Court in Ikoyi, Lagos, sentenced two women—Folake Adeoti and Modupe Adewuyi—to one year in prison each for unlawfully hawking Naira notes, in breach of the Central Bank of Nigeria (CBN) Act.
The Economic and Financial Crimes Commission (EFCC) revealed in a statement posted on X (formerly Twitter) that both women were charged separately with a single count of illegal currency trading by the agency’s Lagos Zonal Directorate 1.
Adeoti, who had previously been convicted for a similar offence by Justice Ibrahim Kala, was re-arrested on March 21, 2025. She was found hawking N3,850,000 in CBN-issued notes near Regency Hall on Jobi Felé Way, Ikeja.
The charge against her stated: “That you, Folake Adeoti, on the 21st 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, thereby committing an offence contrary to and punishable under Section 21(4) of the Central Bank of Nigeria Act, 2007.”
Similarly, Modupe Adewuyi was arrested the same day at Jobi Fele Street, near the Regency Event Center in Alausa, Ikeja. She was found in possession of N1,600,000, consisting of N500 and N1,000 denominations.
Her charge read: “That you, Modupe Adewuyi, on the 21st of March, 2025, at Jobi Fele Street, opposite Regency Event Center, Alausa Ikeja, in Lagos, within the jurisdiction of this Honourable Court, hawked the total sum of N1,600,000 of Central Bank of Nigeria-issued notes, thereby committing an offence contrary to Section 21(4) and punishable under Section 21(1) of the Central Bank of Nigeria (Establishment) Act, 2007.”
Both women pleaded guilty to the charges.
Prosecuting counsel Z.B. Atiku presented their confessional statements and the seized cash as evidence, urging the court to convict and sentence them accordingly.
Justice Bogoro, in his ruling, handed Adeoti a one-year prison sentence with no option of a fine. He also ordered the forfeiture of her POS terminal and the N3.85 million found in her possession to the federal government.
Adewuyi received a similar sentence, although with an option to pay a N500,000 fine. Her POS device and the recovered N1.6 million were also ordered forfeited to the government.
The EFCC reiterated its warning to the public against the abuse of Naira notes, including acts such as spraying, hawking, or mutilating the currency—all of which are criminal offences under Nigerian law.
