The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Friday, arraigned two women, Folake Adeoti and Modupe Adewuyi, before Yellim Bogoro, Justice of the Federal High Court sitting in Ikoyi, Lagos, on separate charges bordering on the illegal sale and abuse of Nigeria’s currency.
The commission, in a statement signed by Dele Oyewale, Head of Media and Publicity, disclosed that the two women were apprehended on March 21, 2025, around Jobi Fele Way, Ikeja, during an EFCC sting operation following credible intelligence about illicit currency trading activities in the area.
Folake Adeoti was arraigned on a one-count charge of hawking Naira notes to the tune of N3,850,000.
The charge 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.”
According to EFCC, upon arraignment, Adeoti pleaded guilty to the charge.
Z.B. Atiku, prosecution counsel then called EFCC operative Usman Adamu to review the facts of the case.
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Adamu told the court that Adeoti was caught in possession of the illicit funds while illegally trading in mint Naira notes.
“Atiku tendered the defendant’s confessional statement and the recovered cash as evidence, both of which were admitted and marked as exhibits by the court. The prosecution also informed the court that Adeoti is a repeat offender, previously convicted for a similar offence before Justice Ibrahim Kal”, the statement reads.
Bogoro adjourned the case to May 2, 2025, for ruling and ordered her remand at a correctional facility pending the verdict.
In a related proceeding, Modupe Adewuyi was also arraigned before Bogoro on a one-count charge of illegally trading in Naira notes totaling N1.6 million.
According to the charge: “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.”
Adewuyi also pleaded guilty. Reviewing the case, EFCC operative Adamu Usman stated that she was arrested during the same sting operation based on intelligence gathered through open sources.
She was found in possession of two Point-of-Sale (POS) machines and N1.6 million in cash.
“She confirmed under caution that she was involved in the sale of mint Naira notes,” Usman told the court.
The prosecution presented her statement and the seized money as evidence and urged the court to convict her and order the forfeiture of the money to the Federal Government.
Bogoro also adjourned her case to May 2, 2025, for ruling and remanded her in a correctional centre.
The EFCC reiterated its commitment to enforcing the Central Bank of Nigeria (CBN) Act, warning individuals against the illegal trade or abuse of the national currency.
Naira abuse, including spraying at parties or hawking mint notes, remains a punishable offence under Nigerian law.
