Two women have found themselves in hot water after being caught selling naira notes on the streets of Lagos. The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Friday, April 4th, arraigned Folake Adeoti—an ex-convict—and another suspect, Modupe Adewuyi, before Justice Yellim Bogoro at the Federal High Court in Ikoyi.
Folake Adeoti, who had previously been convicted for naira abuse, was arrested again on March 21, 2025, while allegedly hawking N3.85 million worth of freshly minted naira notes along Jobi Fele Way, Ikeja. She pleaded guilty to the one-count charge of naira mutilation and was remanded in custody pending her sentencing on May 2, 2025.
During the court session, EFCC’s prosecution counsel, Z.B. Atiku, presented evidence including Adeoti’s confessional statement and the seized cash. The court accepted these materials as exhibits. The EFCC also revealed that Adeoti had faced a similar conviction before Justice Ibrahim Kala, making this a repeat offense.
In a similar case, the EFCC also arraigned Modupe Adewuyi for illegally selling naira notes totaling N1.6 million in the same Ikeja area on the same day. Adewuyi was also caught with two POS machines, and like Adeoti, she admitted guilt.
An EFCC operative, Usman Adamu, narrated how intelligence reports led to her arrest. According to him, the operation was executed based on tips from the public about the illegal sale of mint naira notes. Following her confession, the prosecution pushed for her conviction and for the recovered money to be forfeited to the Federal Government.
Justice Bogoro adjourned both cases to May 2, 2025, for ruling and ordered that both women be held at a Correctional Centre until then.
What are your thoughts on the ongoing crackdown on naira note hawking? Do you think the EFCC is making progress or are the penalties not strong enough to deter offenders? Share your opinions in the comments below!
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