Two young Nigerians jailed for hawking Naira notes in Lagos

Justice Yellim Bogoro of the Federal High Court, sitting in Ikoyi, Lagos, on Friday, 2nd May 2025, convicted and sentenced two women, Folake Adeoti and Modupe Adewuyi, to one year in prison each for illegal hawking of Naira notes.

The duo were arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Awolowo Road, Ikoyi, on separate one-count charges bordering on the unlawful sale of currency notes issued by the Central Bank of Nigeria (CBN).

According to the charge against Adeoti, she was found hawking N3,850,000 opposite Regency Hall on Jobi Fele Way, Ikeja, on 21st March 2025 — an offence contrary to and punishable under Section 21(4) of the CBN Act, 2007.

Similarly, Adewuyi was charged with hawking N1,600,000 — comprising N500 and N1000 denominations — on the same date and location, in violation of Sections 21(1) and 21(4) of the Act.

Both defendants pleaded guilty to the charges. Prosecution counsel Z.B. Atiku tendered their confessional statements and the recovered money as evidence, urging the court to convict and sentence them accordingly. Atiku also informed the court that Adeoti was a repeat offender, having previously been convicted for a similar offence before Justice Ibrahim Kala.

In his ruling, Justice Bogoro sentenced Adeoti to one year imprisonment without the option of a fine. Her POS machine and the money recovered from her were ordered forfeited to the federal government. Adewuyi also received a one-year sentence, with an option of a ₦500,000 fine. Her POS device and seized funds were likewise forfeited.

Both women were apprehended on 21st March 2025 along Jobi Fele Way, Ikeja, while unlawfully trading in large sums of Naira notes — N3.85 million and N1.6 million respectively.