EFCC arraigns two women in Lagos for hawking naira notes totalling N5.45m. Both pleaded guilty and await sentencing in May
[dropcap]T[/dropcap]he Economic and Financial Crimes Commission (EFCC) on Friday arraigned two women before Justice Yellim Bogoro of the Federal High Court in Ikoyi, Lagos, over separate charges of illegal hawking of naira notes totalling N5.45 million.
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In the first case, Folake Adeoti, an ex-convict, was arrested on 21 March 2025 opposite Regency Hall, Jobi Fele Way, Ikeja, while selling mint naira notes amounting to N3.85 million.
She is being prosecuted on a one-count charge under Section 21(4) of the Central Bank of Nigeria (CBN) Act, 2007.
The charge read:
“That you, Folake Adeoti, on the 21st day of March, 2025, opposite Regency Hall, Jobi Fele Way, Ikeja, in Lagos within the jurisdiction of this Honourable Court, hawked the sum of N3,850,000.00 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.”
Adeoti pleaded guilty to the charge. Following her plea, prosecution counsel, Z.B. Atiku, called EFCC operative Usman Adamu to review the facts of the case.
Adamu confirmed the defendant’s arrest and presented her confessional statement, along with the cash recovered. The court admitted these as exhibits.
Atiku informed the court that Adeoti is an ex-convict who had previously been tried for a similar offence. Justice Bogoro adjourned the matter till 2 May 2025 for ruling and ordered that Adeoti be remanded at a Correctional Centre.
In a related development, another woman, Modupe Adewuyi, was arraigned before the same court on a similar one-count charge.
She was caught with N1.6 million in N500 and N1000 notes, which she was allegedly hawking along Jobi Fele Street, Ikeja, on the same day as Adeoti’s arrest.
Adewuyi also pleaded guilty to the charge. EFCC operative Usman Adamu, in reviewing the case, explained that the commission had received intelligence on illegal currency sales in the area and carried out a sting operation that led to her arrest.
“She had two POS machines and was arrested with the sum of N1.6 million. She was brought to the EFCC office, and her statement was taken under caution,” Adamu said.
The prosecution presented her statement and the recovered money as evidence, urging the court to convict and order the forfeiture of the cash to the Federal Government.
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Justice Bogoro adjourned this case to the same date, 2 May 2025, for ruling, and also ordered that Adewuyi be remanded in custody.
