Lagos, Nigeria — Two women, Folake Adeoti and Modupe Adewuyi, have been sentenced to one year in prison each for illegally hawking Naira notes in Lagos.
They were arrested by the Economic and Financial Crimes Commission (EFCC) on March 21, 2025, along Jobi Fele Way in Ikeja. Authorities recovered N3.85 million from Adeoti and N1.6 million from Adewuyi.
The women were arraigned on May 2 before Justice Yellin Bogoro at the Federal High Court in Ikoyi. Both pleaded guilty to the charges under the Central Bank of Nigeria Act, 2007.
Prosecutors presented their confessional statements and the money as evidence. It was also revealed that Adeoti is a repeat offender, having been previously convicted for a similar offense.
Justice Bogoro sentenced Adeoti to one year in prison without the option of a fine. Her POS machine and money were forfeited to the federal government.
Adewuyi received a similar sentence of one year imprisonment, but with the option to pay a ₦500,000 fine. Her POS machine and money were also confiscated.
