Justice Yellin Bogoro of the Federal High Court, sitting in Ikoyi, Lagos, on Friday, May 2, 2025, convicted and sentenced the duo of Folake Adeoti and Modupe Adewuyi to one year imprisonment, each for hawking Naira notes.

They arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Awolowo Road, Ikoyi, Lagos on a separate one-count charge, bordering on illegal hawking of Naira notes.

The charge against Adeoti reads: “That you, Folake Adeoti, on the 21st day 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 (Three Million, Eight Hundred and Fifty Thousand Naira) issued by the Central Bank of Nigeria and thereby committed an offence contrary to and punishable under Section 21(4)) of the Central Bank of Nigeria Act, 2007.”

That of Adewuyi reads: “That you, Modupe Adewuyi, on the 21st day of March, 2025, at Jobi Fele Street, opposite Regency Event Center, Alausa Ikeja, in Lagos, within the jurisdiction of this Honourable Court, engaged in hawking the total sum of N1,600,000 (One Million, Six Hundred Thousand Naira) of N500 and N1000 denominations, issued by the Central Bank of Nigeria and thereby committed an offence contrary to section 21(4) and punishable under Section 21(1) of the Central Bank of Nigeria (Establishment) Act, 2007.”

They pleaded “guilty” to their charges, following which prosecution counsel, Z.B. Atiku tendered their confessional statement as well as the money recovered from them in evidence and urged the court to convict and sentence them accordingly. The prosecution counsel further informed the court that Adeoti was an ex-convict, having been prosecuted before Justice Ibrahim Kala and convicted on the same matter of Naira abuse.

Justice Bogoro sentenced Adeoti to one year imprisonment without an option of fine. In addition, her POS machine as well as the money recovered from her were forfeited to the federal government. Adewuyi also bagged one year imprisonment or to pay N500,000 (Five Hundred Thousand Naira) fine. In addition, her POS machine and money recovered from her were also forfeited to the federal government.

Adeoti and Adewuyi were intercepted on March 21, 2025 along Jobi Fele Way, Ikeja, Lagos, while hawking Naira notes to the tune of N3,850,000.00 and N1,600,000, respectively.