The Economic and Financial Crimes Commission (EFCC) has arraigned two individuals, including an ex-convict, for hawking Naira notes in Lagos. Folake Adeoti, a repeat offender, and Modupe Adewuyi were brought before Justice Yellim Bogoro of the Federal High Court in Ikoyi, Lagos, on one-count charges of Naira abuse.
Adeoti was arrested on March 21, 2025, around Jobi Fele Way, Ikeja, Lagos, while hawking N3.8 million in Naira notes. She pleaded guilty to the charge, which contravenes Section 21(4) of the Central Bank of Nigeria (CBN) Act, 2007. The prosecution counsel, Z.B. Atiku, presented her confessional statement and the recovered money as evidence, urging the court to convict her accordingly.
Adewuyi was apprehended on March 21, 2025, along Jobi Fele Way, while hawking N1.6 million in N500 and N1,000 denominations. She also pleaded guilty to the charge, which contravenes Section 21(4) and is punishable under Section 21(1) of the Central Bank of Nigeria (Establishment) Act, 2007.
Court Proceedings
Justice Bogoro adjourned both cases to May 2, 2025, for ruling and ordered that the defendants be remanded at a Correctional Centre. The EFCC presented evidence, including the defendants’ statements and the seized funds, to support their cases.
EFCC’s Stance on Naira Abuse
The EFCC has reiterated its commitment to enforcing laws against Naira abuse, warning the public against engaging in the illegal trading and mutilation of the national currency. Such actions undermine the sanctity of the Naira and contribute to wider economic and monetary challenges.
Background of the Defendants
Adeoti is an ex-convict who was previously convicted for similar offenses. She was tried before Justice Ibrahim Kala on Naira abuse charges. Adewuyi, on the other hand, was found with two POS machines and N1.6 million in Naira notes during her arrest. She confirmed to the EFCC that she was involved in the sales of mint Naira notes.
The EFCC’s actions demonstrate its commitment to protecting the integrity of Nigeria’s currency. The cases against Adeoti and Adewuyi serve as a deterrent to others who engage in similar activities. The commission’s efforts to prevent Naira abuse are crucial in maintaining the value and dignity of the national currency.
The arraignment of Folake Adeoti and Modupe Adewuyi highlights the EFCC’s ongoing efforts to combat Naira abuse in Nigeria. The cases against the defendants demonstrate the commission’s commitment to enforcing laws that protect the national currency. As the cases progress, the EFCC’s stance on Naira abuse will continue to shape the nation’s economic and monetary landscape.
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