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Two Women Sentenced to Jail for Illegal Naira Trading in Lagos

Published by Tope Fakinlede on May 4th, 2025.

Two Women Sentenced to Jail for Illegal Naira Trading in Lagos

On Friday, Justice Yellim Bogoro of the Federal High Court in Ikoyi, Lagos, sentenced two women—Folake Adeoti and Modupe Adewuyi—to one year in prison each for illegally hawking Naira notes, an offence under the Central Bank of Nigeria Act.

The Economic and Financial Crimes Commission (EFCC) revealed the convictions in a statement shared on X (formerly Twitter) on Sunday. Both women were charged separately by the EFCC’s Lagos Zonal Command for unlawfully trading in currency.

Folake Adeoti, who had previously been convicted for a similar offence, was arrested on March 21, 2025, while selling N3.85 million in cash along Jobi Felé Way in Ikeja. Her actions violated Section 21(4) of the Central Bank of Nigeria Act, 2007.

On the same day, Modupe Adewuyi was apprehended nearby, at Jobi Fele Street, Alausa, Ikeja. She was found hawking N1.6 million in N500 and N1000 denominations, also in breach of the same law.

Both women pleaded guilty when brought before the court. Prosecuting counsel, Z.B. Atiku, presented their statements and the cash seized during their arrests as evidence.

Following the plea, the court convicted and sentenced Adeoti to one year imprisonment without the option of a fine. Her Point of Sale (POS) machine and the N3.85 million were ordered forfeited to the federal government.

Adewuyi received a similar jail term, although she was given the option to pay a N500,000 fine. Her POS machine and N1.6 million were also forfeited.

The EFCC reiterated its warning to the public against any form of Naira abuse—including spraying, selling, or defacing currency—as these actions are considered criminal offences under Nigerian law.