Africa-Press – Nigeria. Two women from Lagos, Folake Adeoti and Modupe Adewuyi, have each been handed a one-year jail term after admitting guilt to separate charges of unlawfully trading in Naira notes.
Their sentencing followed charges filed by the Economic and Financial Crimes Commission (EFCC), which arrested the duo on March 21, 2025, along Jobi Fele Way in Ikeja, Lagos. According to the EFCC, Adeoti was found with Naira notes totaling N3,850,000, while Adewuyi had N1,600,000 in her possession, both allegedly involved in illicit currency hawking.
They were brought before Justice Yellin Bogoro at the Federal High Court in Ikoyi by the EFCC’s Lagos Zonal Directorate 1. The court proceedings took place on Friday, May 2, as disclosed by the commission’s spokesperson, Dele Oyewale.
The charge against Adeoti reads: “That you, Folake Adeoti, on the 21st day of March, 2025, opposite Regency Hall, Jobi Felé Way, Ikeja, in Lagos within the jurisdiction of this Honourable Court, hawked the sum of N3,850,000.00 (Three Million, Eight Hundred and Fifty Thousand Naira) 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.”
That of Adewuyi reads: “That you, Modupe Adewuyi, on the 21st day of March, 2025, at Jobi Fele Street, opposite Regency Event Center, Alausa Ikeja, in Lagos, within the jurisdiction of this Honourable Court, engaged in hawking the total sum of N1,600,000 (One Million, Six Hundred Thousand Naira) of N500 and N1000 denominations, issued by the Central Bank of Nigeria and thereby committed an offence contrary to section 21(4) and punishable under Section 21(1) of the Central Bank of Nigeria (Establishment) Act, 2007.”
Both women admitted guilty to the charges brought against them, prompting the prosecution counsel, Z.B. Atiku, to present their confessional statements and the recovered sums as evidence. He urged the court to deliver a conviction and pass appropriate sentences.
Atiku also informed the court that Folake Adeoti had previously been convicted for a similar offense by Justice Ibrahim Kala, marking her as a repeat offender in the illegal trade of Naira notes.
Justice Yellin Bogoro sentenced Adeoti to one year in prison without the option of a fine. Her Point-of-Sale (POS) machine and the money seized from her were ordered forfeited to the federal government.
Modupe Adewuyi received a similar sentence of one year imprisonment, with the option of paying a N500,000 fine. Her POS device and recovered cash were also forfeited to the government.
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