The Economic and Financial Crimes Commission (EFCC) has arraigned two individuals, including an ex-convict, for allegedly engaging in the illegal sale of naira notes in Lagos State.
Appearing before Justice Yellim Bogoro at the Federal High Court in Ikoyi on Friday, Folake Adeoti was charged with hawking N3.85 million worth of newly minted naira notes, an act that violates provisions of the Central Bank of Nigeria Act, 2007.
The EFCC said Adeoti was apprehended on March 21, 2025, around Jobi Fele Way in Ikeja during a sting operation. She pleaded guilty to the charge. Prosecuting counsel, Z.B. Atiku, presented her confessional statement and the seized funds as evidence, which the court accepted. Atiku also noted that Adeoti had previously been convicted of similar offences.
Justice Bogoro adjourned the case to May 2, 2025, for a verdict and ordered her to be remanded in a correctional facility.
In a separate case, another suspect, Modupe Adewuyi, also faced a one-count charge for hawking N1.6 million worth of naira notes at the same Ikeja location. She was arrested with two POS machines and freshly printed banknotes in various denominations.
She also pleaded guilty, and the prosecution tendered her statement and the recovered funds in court. The EFCC urged the court to convict her and order the forfeiture of the seized money to the federal government.
Justice Bogoro postponed judgment on her case to May 2, 2025, and ordered her remand as well.
Both cases form part of the EFCC’s continued clampdown on currency abuse and the illicit trade in naira notes.
