The Federal High Court in Ikoyi, Lagos, has convicted and sentenced a man to three months’ imprisonment for hawking new Naira notes.
However, the man, identified in a press statement released Friday by the prosecuting agency, the Economic and Financial Crimes Commission (EFCC), recieved an option of fine in lieu of imprisonment.
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The trial judge, Ayokunle Faji, handed down the judgement on Wednesday, the EFCC statement said.
Details of arrest and suit
The EFCC disclosed that the convict was found hawking N800,000 on 14 December 2024, at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, Lagos, an act that was said to be contrary to and punishable under Section 21(4) of the Central Bank of Nigeria Act, 2007.
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Section 21(4) of the Central Bank of Nigeria Act, 2007 criminalises the act of hawking or selling Naira notes, coins or any note issued by the Central Bank of Nigeria (CBN).
But despite the legal provision, hawking and selling of naira notes, particularly the new ones, is a regular feature at big parties in Nigeria.
The naira hawkers are patronised by the party goers who buy the currency notes to spray on the party hosts, musicians and other persons during dance time. The act is similarly a criminal offence under the CBN Act.
Since last year, EFCC has esclated its crackdown against the abuse of the naira, targeting those spraying the currency notes at social events. The arrest, prosecution and conviction of controversial crossdresser Idris Okuneye, better known as Bobrisky, has come to symbolise the EFCC efforts, although other celebrities have also received similar treatments before and after his case.
Naira hawker pleads guilty
Mr Saka pleaded guilty to the naira a Hawking charge brought against him by the anti-graft agency.
The prosecution counsel, S.I. Suleiman, tendered as evidence the convict’s confession and the N800,000 recovered from him. This resulted in a sentence of three months Imprisonment with an option of N100,000 as a fine.
The judge also ordered the forfeiture of the money recovered from the convict to the Federal Government of Nigeria.
Other cases of currency racketeering
Aside from Mr Saka, others have been prosecuted and sentenced to jail for selling naira notes.
In March 2024, PREMIUM TIMES reported the arraignment of one Azubuike Obasi in Rivers State for currency racketeering.
A witness also told the Federal High Court, Port Harcourt, that Mr Obasi had sold N20,000 worth of new banknotes, comprising 100 pieces of N200 notes, to Emeka Daniel at a cost of N35,000.
Similarly, three individuals, Asmau Wuraola, Owoduni Isa, and Rukayat Shuaibu, were convicted of selling naira notes.
Ms Wuraola received a two-month imprisonment, while Ms Isa and Ms Shuaibu each bagged six months in jail.
In February, Nwachukwu Ifeanyi also received a six-month sentence in Imo State for selling new naira notes from his shop.
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