Naira for Sale: Two Women Jailed in Lagos for Illegal Currency Trade

Photo: Credited to Linda Ikeji's blog

On Friday, May 2, 2025, Justice Yellin Bogoro of the Federal High Court in Ikoyi, Lagos, sentenced two women, Folake Adeoti and Modupe Adewuyi, to one year in prison each for illegally hawking Nigerian currency. The sentencing followed their arraignment by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), located on Awolowo Road, Ikoyi.

The two were charged separately with offenses relating to the illegal sale of Naira notes—an act prohibited under the Central Bank of Nigeria (CBN) Act of 2007.

Charges Detailed

Folake Adeoti was arrested on March 21, 2025, for selling a total of ₦3,850,000 in Naira notes along Jobi Fele Way, opposite Regency Hall in Ikeja, Lagos. Her charge stated that she violated Section 21(4) of the CBN Act, which criminalizes the unauthorized sale or abuse of the Naira.

Modupe Adewuyi was arrested on the same day at the same location. She was caught hawking ₦1,600,000 in Naira denominations of ₦500 and ₦1000. Her actions were also deemed a violation of Section 21(4), punishable under Section 21(1) of the same Act.

Court Proceedings & Sentencing

Both women pleaded guilty to their respective charges. EFCC counsel Z.B. Atiku presented their confessional statements and the seized cash as evidence in court. Atiku also revealed that Folake Adeoti was a repeat offender, having previously been convicted for similar currency abuse by Justice Ibrahim Kala.

Taking these factors into account, Justice Bogoro sentenced Adeoti to one year in prison without the option of a fine. Her POS machine and the recovered money were also confiscated and forfeited to the federal government.

Modupe Adewuyi received a similar sentence—one year imprisonment—but was given the option to pay a ₦500,000 fine. Like Adeoti, her POS machine and the hawked cash were forfeited to the government as well.

Background

Both women were apprehended during a sting operation on March 21, 2025, along Jobi Fele Way in Ikeja, while they were unlawfully trading in large amounts of Naira notes.

The case underscores the EFCC’s ongoing effort to clamp down on individuals and businesses involved in the abuse and unauthorized distribution of the Naira notes.