- Conviction and Sentence: Two women, Folake Adeoti and Modupe Adewuyi, were sentenced to one year imprisonment each for illegally hawking Naira notes.
- Amounts Involved: Adeoti was found hawking N3,850,000, while Adewuyi had N1,600,000.
- Repeat Offender: Adeoti was a repeat offender, having previously been convicted for a similar offence.
- Forfeiture: Both women forfeited their POS machines and seized funds to the federal government.
- EFCC’s Role: The Economic and Financial Crimes Commission (EFCC) arraigned the duo on separate charges bordering on unlawful sale of currency notes.
Justice Yellim Bogoro of the Federal High Court in Ikoyi, Lagos, has sentenced two women, Folake Adeoti and Modupe Adewuyi, to one year in prison each for illegally hawking Naira notes.
Folake Adeoti was found hawking N3,850,000 and was charged under Section 21(4) of the CBN Act, 2007. Notably, Adeoti was a repeat offender, having previously been convicted for a similar offence. She was sentenced to one year imprisonment without the option of a fine, and her POS machine and recovered money were forfeited to the federal government.
Modupe Adewuyi was charged with hawking N1,600,000 and was sentenced to one year imprisonment with an option of a ₦500,000 fine. Her POS device and seized funds were also forfeited.
Both women were apprehended on March 21, 2025, along Jobi Fele Way, Ikeja, while trading in large sums of Naira notes. They pleaded guilty to the charges, leading to their conviction. The Economic and Financial Crimes Commission (EFCC) arraigned the duo on separate one-count charges bordering on the unlawful sale of currency notes issued by the Central Bank of Nigeria (CBN).
