Court jails two for illegal Naira trading in Lagos

The Federal High Court in Lagos has sentenced two persons to six months imprisonment each for illegally trading and hawking Naira notes.

Justice A. Aluko handed down the sentences on Tuesday after the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, separately arraigned Mutairu Omowunmi Tawa and Faith Chukwujeku on one-count charges.

The EFCC disclosed this in a statement issued by its Head of Media and Publicity, Dele Oyewale.

Tawa was charged with selling and trading N850,000 at Salamagic Event Centre, Onikan, Lagos, on July 25, 2026, in violation of the Central Bank of Nigeria Act.

Chukwujeku was accused of hawking N1.3 million in N200 denominations in Lagos on the same date, contrary to provisions of the CBN Act.

Both defendants pleaded guilty after the charges were read to them.

Following their pleas, EFCC prosecution counsel, Fanen Anum, presented the facts of the cases and urged the court to convict and sentence the defendants.

He also asked the court to forfeit the cash recovered from them to the Federal Government, describing it as an instrument used in committing the offences.

In his judgment, Justice Aluko found both defendants guilty and sentenced each of them to six months in prison, with an option of a N50,000 fine.

The judge also ordered the forfeiture of the cash marked as Exhibit C to the Federal Government.

The EFCC said the convictions were secured under provisions of the Central Bank of Nigeria Act prohibiting the unlawful sale and hawking of Naira notes.