Two Lagos residents, Folake Adeoti and Modupe Adewuyi, have been sentenced to one year in prison each for illegally hawking naira notes — a violation of Nigeria’s currency regulations.
EpeInsights learnt that the women were arrested by the Economic and Financial Crimes Commission (EFCC) on March 21, 2025, along Jobi Fele Way in Ikeja, Lagos.
Adeoti was caught with N3.85 million, while Adewuyi had N1.6 million in cash, which they were allegedly selling unlawfully.
On Friday, May 2, both women pleaded guilty before Justice Yellin Bogoro at the Federal High Court in Ikoyi.
The EFCC presented their confessional statements and recovered cash as evidence. It was also revealed that Adeoti had a previous conviction for a similar offence.
Justice Bogoro handed Adeoti a one-year jail term without the option of a fine. Her POS machine and the seized cash were forfeited to the federal government.
Adewuyi received the same sentence but was given the option to pay a N500,000 fine. Her POS device and cash were also confiscated.
The EFCC continues to crack down on the abuse and unauthorized sale of the naira in line with the Central Bank of Nigeria Act.
