The Federal High Court in Ikoyi, Lagos, on Friday, convicted Folake Adeoti, an ex-convict, of hawking the naira.
She was convicted alongside Modupe Adewuyi, a press statement on Sunday by the prosecuting agency, Economic and Financial Crimes Commission (EFCC).
The judge, Yellin Bogoro, sentenced the duo to one year imprisonment after they both pleaded guilty to one count of hawking naira notes.
However, while Ms Adewuyi was given the option of paying N500,000 fine in lieu of imprisonment, Ms Adeoti, the ex-convict, was sentenced to one year jail term without an option of fine.
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EFCC said Ms Adeoti and Ms Adewuyi were arrested on 21 March along Jobi Fele Way, Ikeja, Lagos, while hawking naira notes to the tune of N3,850,000.00 and N1,600,000, respectively.
The offence violates Section 21(4) of the Central Bank of Nigeria Act, 2007, and is punishable under the same Act.
Section 21(4) of the Central Bank of Nigeria Act, 2007 stipulates that it is an offence to hawk naira notes and anyone caught is liable to imprisonment to a term not less than six months or an option of fine.
They pleaded “guilty” to their charges, following which prosecution lawyer, Z.B. Atiku, tendered their confessional statement as well as the money recovered from them in evidence.
The prosecution informed the court that Ms Adeoti was an ex-convict, having been prosecuted by another judge of the court, Ibrahim Kala, and convicted of the same matter of naira abuse.
She then urged the court handling the latest case to convict and sentence them accordingly
The judge sentenced Adeoti to one year imprisonment without an option of fine.
In addition, the court ordered the forfeiture of her POS machine as well as the money recovered to the federal government.
The judge also sentenced Ms Adewuyi to one year imprisonment or payment of N500,000 fine. Similarly, her POS machine and money recovered from her were also forfeited to the federal government.
Other cases of naira hawking
Despite the legal provision, illegal hawking of naira is becoming prevalent.
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.
In February, Nwachukwu Ifeanyi also received a six-month sentence in Imo State for selling new naira notes from his shop.
In March, a man was convicted and sentenced to three months’ imprisonment for hawking new naira notes at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, Lagos.
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