The Economic and Financial Crimes Commission (EFCC) has arraigned an ex-convict and another individual for allegedly abusing the Naira by hawking and unlawfully selling currency notes in Lagos State.
Folake Adeoti, a repeat offender previously convicted for similar charges, was arraigned before Justice Yellim Bogoro of the Federal High Court in Ikoyi on Friday, April 4, 2025.
She faced a one-count charge for mutilating the Naira after being arrested on March 21, 2025, while hawking N3,850,000 along Jobi Fele Way, Ikeja.
Adeoti pleaded guilty to the charge, which contravenes Section 21(4) of the Central Bank of Nigeria (CBN) Act, 2007.
The prosecution counsel Z.B. Atiku presented her confessional statement and the recovered money as evidence, urging the court to convict her. Justice Bogoro adjourned the case to May 2, 2025, for ruling and ordered her remand at a correctional facility.
In a related case, the EFCC also arraigned Modupe Adewuyi for allegedly hawking N1,600,000 in N500 and N1,000 denominations at the same location.
Adewuyi pleaded guilty, and the prosecution presented evidence, including her statement and the seized funds.
Justice Bogoro similarly adjourned her case to May 2, 2025, for sentencing and ordered her remand.
The EFCC reaffirmed its commitment to enforcing laws against currency abuse, warning the public against illegal trading and mutilation of the Naira.
