Lagos, Nigeria – June 27, 2025
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Friday, secured the conviction of Emmanuel Ayodele Areola for illegally hawking the Nigerian currency in violation of existing financial regulations.
Justice Deinde Dipeolu of the Federal High Court sitting in Ikoyi, Lagos, handed down the judgment following Areola’s arraignment on a one-count charge bordering on currency mutilation and hawking.
According to the EFCC, Areola was found to be in possession of ₦1,061,500 (One Million, Sixty-One Thousand, Five Hundred Naira) in various denominations, which he was unlawfully offering for sale—an act considered an offence under Section 21(4) of the Central Bank of Nigeria Act, 2007.
Upon his arraignment, the defendant pleaded guilty to the charge. The prosecution reviewed the facts of the case and presented evidence, including the recovered currency, which was admitted by the court.
Justice Dipeolu subsequently convicted and sentenced Areola accordingly, reaffirming the court’s commitment to upholding the sanctity of the national currency and deterring similar infractions.
The EFCC reiterated its resolve to enforce currency regulations and curb activities that degrade the integrity of the Naira, warning the public against the unauthorized trading or abuse of the nation’s legal tender.