In a bold move to curb the abuse of Nigeria’s currency, the EFCC has once again struck at illegal currency trading, sentencing two women to prison for hawking millions in Naira.
This incident highlights the agency’s intensified efforts to protect the value and sanctity of the Naira and reinforces the urgency to educate the public on legal financial practices.
EFCC’s Crackdown on Naira Hawking Intensifies in Lagos
The Economic and Financial Crimes Commission (EFCC) is ramping up efforts to clamp down on individuals involved in illegal currency trading.
In its latest operation, two women Folake Adeoti and Modupe Adewuyi were arrested and prosecuted in Lagos for hawking large sums of Naira notes.
The arrests took place on March 21, 2025, along Jobi Fele Way in the Ikeja area of Lagos, following a surveillance operation led by the Lagos Zonal Directorate 1 of the EFCC, based in Ikoyi.
The operation, part of a broader campaign to enforce the Central Bank of Nigeria (CBN) Act, yielded a total of over ₦5 million in illegally traded cash.
EFCC officials confirmed that Adeoti was apprehended with ₦3.85 million, while Adewuyi was caught with ₦1.6 million, all in ₦500 and ₦1000 denominations.
Both suspects were found using Point of Sale (POS) machines to facilitate the illegal exchange of currency.
Swift Court Proceedings Deliver Justice
The Federal High Court in Ikoyi, presided over by Justice Yellim Bogoro, handled the trial.
On Friday, May 2, 2025, the court heard the charges filed against Adeoti and Adewuyi, each facing a one-count charge related to unlawful currency trading.
The prosecuting counsel, Z.B. Atiku, presented key evidence, including confessional statements from the suspects and the physical cash recovered during the operation.
He also noted that Folake Adeoti was a repeat offender, previously prosecuted under similar charges by Justice Ibrahim Kala.
This added history influenced the court’s decision to impose a stricter sentence on Adeoti, underscoring the judiciary’s intolerance for repeated financial crimes.
Sentencing Reflects Severity of the Crime
Justice Bogoro delivered a clear message through the sentencing. Adeoti received a one-year prison sentence without the option of a fine.
Furthermore, the court ordered the forfeiture of her POS machine and the ₦3.85 million seized from her to the Federal Government.
Modupe Adewuyi, though a first-time offender, was not spared either. She was also sentenced to one year imprisonment, but with an option to pay a ₦500,000 fine.
Her POS machine and ₦1.6 million in cash were likewise forfeited.
These sentences demonstrate a growing resolve by both the EFCC and the Nigerian judiciary to clamp down on the illicit trade of the country’s currency, which has long contributed to inflation and public disrespect for the Naira.
Understanding the Law: What the CBN Act Says
The foundation of these arrests lies in Section 21 of the Central Bank of Nigeria Act.
Specifically, Section 21(1) prohibits the mutilation, defacement, and abuse of currency notes, while Section 21(4) forbids the sale or trade of Nigerian currency by unauthorized persons.
This law exists to ensure that the Naira retains its value, appearance, and public trust.
When citizens hawk or mishandle cash, especially in large quantities, it distorts currency circulation and undermines national economic policies.
Unfortunately, many Nigerians remain unaware of these legal provisions, despite their significance in stabilizing the economy.
That’s why enforcement alone may not suffice public awareness is crucial.
Currency Hawking: A Widespread and Cultural Problem
Although hawking money is illegal, it remains a widespread practice, especially during festive occasions.
From lavish weddings to burial ceremonies and birthday parties, spraying or selling Naira notes has become a norm deeply embedded in Nigeria’s social fabric.
Guests often buy bundles of cash from unauthorized vendors outside event venues or through POS agents.
These sellers take advantage of the demand by offering new notes at inflated rates. While this may seem harmless to partygoers, it has serious implications.
The EFCC has noted that these transactions are not only illegal but also encourage corruption, money laundering, and financial disorder.
Moreover, such acts usually involve poorly handled or defaced notes, contributing to the degradation of the currency.
Not the First Offense: A National Pattern
This recent case involving Adeoti and Adewuyi is not an isolated incident. Over the past year, similar arrests have been made across Nigeria.
In December 2024, a woman was jailed for hawking ₦897,900 at a party venue in Ikeja.
A few weeks later, another suspect received a similar sentence for trading ₦269,000 at a club in Surulere.
Each of these cases points to a recurring pattern that shows how deep-rooted the problem has become.
EFCC sources confirmed that Lagos, being a commercial hub, has become a hotspot for such crimes.
The commission believes that without sustained enforcement and education, these illegal activities will continue to thrive.
EFCC’s Mission Goes Beyond Arrests
While arrests and convictions are critical, the EFCC has also emphasized the importance of public enlightenment.
According to the commission, it is not enough to punish offenders. Citizens must understand the “why” behind these laws.
In various public statements, the EFCC has urged Nigerians to refrain from illegal financial transactions and to source currency through authorized banking institutions.
The agency continues to partner with the Central Bank and civil society organizations to promote financial literacy and legal awareness.
Voices from the Street: Public Reactions Pour In
The news of Adeoti and Adewuyi’s arrest sparked mixed reactions from the public.
On social media platforms, many Nigerians questioned why such minor financial offenses receive swift justice, while high-profile corruption cases drag on for years.
“I get that it’s illegal, but how about the politicians looting billions?” one X (formerly Twitter) user wrote.
Others applauded the EFCC’s efforts, saying that respect for the Naira begins with small actions.
“It’s about restoring discipline,” a Facebook commenter argued. “If we continue to disrespect our currency, we’ll keep suffering from economic instability.”
This debate reveals a broader tension between enforcing the law and managing public perception.
However, one thing is clear enforcement alone won’t solve the problem. A cultural shift is necessary.
The Bigger Picture: Respecting National Symbols
Currency is more than just paper; it’s a symbol of national identity and pride. The way a nation treats its legal tender reflects its values and discipline.
Countries like the United States, the UK, and Canada impose severe penalties for defacing or mishandling currency.
Nigeria’s CBN Act aims to uphold similar standards, yet enforcement remains inconsistent.
If Nigerians truly want a stable and respected economy, it begins with treating the Naira with dignity.
That means saying no to illegal sales, rejecting defaced notes, and avoiding money spraying at events.
What Can Be Done: Policy and Public Suggestions
To address this issue sustainably, stakeholders have recommended the following:
1. Stronger public education: Schools, religious institutions, and community centers should incorporate financial law awareness in their programs.
2. More visible signage at event venues: Banners reminding attendees that spraying and hawking Naira is a criminal offense can help curb the practice.
3. Reward whistleblowers: Encouraging citizens to report illegal money vendors can empower communities to enforce the law from within.
4. Use of technology: The EFCC could leverage mobile apps and online tools to help track repeat offenders and educate the public.
Final Thoughts: Is This the Beginning of a New Financial Culture?
While the arrests of Adeoti and Adewuyi may seem like just another legal story, they represent a much larger campaign one that seeks to reshape how Nigerians handle their money.
From event centers to street corners, the illegal trade and abuse of the Naira must stop.
But to succeed, enforcement must be matched with education, empathy, and a genuine effort to understand cultural dynamics.
If this balance can be struck, Nigeria may finally be on the path toward building a more lawful and financially disciplined society.
Do you think cultural traditions like money spraying should be banned or reformed to comply with the law?
Share your thoughts in the comments, and don’t forget to follow NIGPOST for more updates on Nigeria’s legal, economic, and social affairs.
By:
Grace Eze
Date:
May 4, 2025
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