Former Convict and Accomplice Sentenced to Jail for Selling Naira Notes in Lagos

On Friday, May 2, 2025, Justice Yellin Bogoro of the Federal High Court in Ikoyi, Lagos, convicted and sentenced Folake Adeoti and Modupe Adewuyi to one year in prison each for illegally selling Naira notes.

The pair was charged by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on separate one-count charges related to the unlawful sale of Naira notes. The charge against Adeoti states: "On March 21, 2025, at Regency Hall, Jobi Felé Way, Ikeja, Lagos, you, Folake Adeoti, sold a total of N3,850,000.00 (Three Million, Eight Hundred and Fifty Thousand Naira) issued by the Central Bank of Nigeria, thus committing an offense contrary to Section 21(4) of the Central Bank of Nigeria Act, 2007." Similarly, the charge against Adewuyi states: "On March 21, 2025, at Jobi Fele Street, near Regency Event Center, Alausa Ikeja, Lagos, you, Modupe Adewuyi, were involved in hawking N1,600,000 (One Million, Six Hundred Thousand Naira) in N500 and N1000 denominations issued by the Central Bank of Nigeria, which constitutes an offense under Section 21(4) of the same Act." Both defendants pleaded "guilty" to their charges. Prosecution counsel Z.B. Atiku presented their confessional statements and the recovered money as evidence, urging the court to impose a suitable sentence. The prosecution also informed the court that Adeoti, a former convict, had previously been prosecuted by Justice Ibrahim Kala for similar offenses. Justice Bogoro sentenced Adeoti to one year in prison without the option of a fine. Additionally, her POS machine and the money recovered from her were ordered forfeited to the federal government.
Adewuyi received a one-year prison sentence but was given the alternative of paying a fine of N500,000 (Five Hundred Thousand Naira). Her POS machine and recovered funds were also forfeited to the federal government. Adeoti and Adewuyi were apprehended on March 21, 2025, along Jobi Fele Way, Ikeja, Lagos, while selling Naira notes valued at N3,850,000.00 and N1,600,000, respectively.