On Friday, April 4, 2025, the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), located on Awolowo Road, Ikoyi, arraigned Folake Adeoti, an ex-convict, before Justice Yellim Bogoro of the Federal High Court in Ikoyi, Lagos. She faces a one-count charge of Naira mutilation.
Adeoti was arrested on March 21, 2025, near Jobi Fele Way, Ikeja, Lagos, for hawking Naira notes totaling N3,850,000.00.
The charge reads: “That you, Folake Adeoti, on the 21st day of March, 2025, opposite Regency Hall, Jobi Fele Way, Ikeja, Lagos, within the jurisdiction of this Honourable Court, hawked the sum of N3,850,000.00 (Three Million, Eight Hundred and Fifty Thousand Naira) issued by the Central Bank of Nigeria, thereby committing an offence punishable under Section 21(4) of the Central Bank of Nigeria Act, 2007.”
She pleaded guilty to the charge. Following her plea, prosecution counsel, Z.B. Atiku, called on Usman Adamu to present the facts of the case. Atiku also submitted the defendant’s confessional statement and the money recovered from her, which the court accepted as exhibits.
Atiku emphasized that Adeoti was an ex-convict who had previously been tried for Naira abuse charges by Justice Ibrahim Kala. The prosecution urged the court to convict her based on the charge.
Justice Bogoro adjourned the case until May 2, 2025, for a ruling and ordered that Adeoti be remanded in a Correctional Centre.
In a related case, the EFCC also arraigned Modupe Adewuyi on a one-count charge for the illegal sale of Naira notes before Justice Bogoro. Adewuyi was apprehended on March 21, 2025, on Jobi Fele Way, Ikeja, for hawking Naira notes worth N1,600,000 (One Million, Six Hundred Thousand Naira).
The charge states: “That you, Modupe Adewuyi, on the 21st day of March, 2025, at Jobi Fele Street, opposite Regency Event Center, Alausa, Ikeja, Lagos, within the jurisdiction of this Honourable Court, engaged in hawking the sum of N1,600,000 (One Million, Six Hundred Thousand Naira) in N500 and N1000 denominations issued by the Central Bank of Nigeria, thereby committing an offence punishable under Section 21(4) of the Central Bank of Nigeria (Establishment) Act, 2007.”
Adewuyi pleaded guilty to the charge. In light of her plea, prosecution counsel Z.B. Atiku called on Adamu Usman, an EFCC operative, to review the facts. Usman testified that the EFCC had received intelligence regarding the illegal sale of Naira notes in the Ikeja area, leading to Adewuyi’s arrest. He stated that Adewuyi was found with two POS machines and N1.6 million in cash.
Atiku submitted Adewuyi’s statement and the recovered money, urging the court to convict her and order the forfeiture of the money to the Federal Government.
Justice Bogoro also adjourned this case until May 2, 2025, for a ruling and ordered Adewuyi’s remand in a Correctional Centre.
