The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Awolowo Road, Ikoyi, Lagos, on Friday, April 4, 2025, arraigned one Folake Adeoti before Justice Yellim Bogoro of the Federal High Court sitting in Ikoyi, Lagos.
She is facing trial on a one-count charge of Naira mutilation.
Adeoti was arrested on March 21, 2025 around Jobi Fele Way, Ikeja, Lagos, while hawking Naira notes to the tune of N3,850,000.00.
The charge reads: “That you, Folake Adeoti, on the 21st day of March, 2025, opposite Regency Hall, Jobi Felé,Way, Ikeja, in 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 and thereby committed an offence contrary to and punishable under Section 21(4)) of the Central Bank of Nigeria Act, 2007.”
She pleaded guilty to the charge when it was read to her.
Following her guilty plea, prosecution counsel, Z.B Atiku, called on Usman Adamu to review the facts of the case.
Atiku tendered the defendant’s confessional statement as well as the money recovered from her. The court admitted the documents and marked them as exhibits.
While urging the court to convict her as charged, the counsel informed the court that Adeoti “is an ex-convict, who was tried before Justice Ibrahim Kala on Naira abuse charges.”
Justice Bogoro adjourned the matter till May 2, 2025 for ruling and also ordered the remand of the suspect at a Correctional Centre.
In a related development, the Lagos Zonal Directorate 1 of the EFCC also arraigned one Modupe Adewuyi on a one-count charge bordering on illegal sale of Naira notes before Justice Bogoro.
Adewuyi was apprehended in Lagos on March 21, 2025 along Jobi Fele way, while hawking Naira notes to the tune of N1,600,000( One Million, Six Hundred Thousand Naira only)
The charge reads: “That you, Modupe Adewuyi, on the 21st day of March, 2025 at Jobi Fele Street, opposite Regency Event Center, Alausa Ikeja, in Lagos, within the jurisdiction of this Honourable Court, engaged in hawking the total sum of N1,600,000 (One Million, Six Hundred Thousand Naira) of N500 and N1000 denominations issued by the Central Bank of Nigeria and thereby committed an offence contrary to Section 21(4) and punishable under Section 21(1) of the Central Bank of Nigeria (Establishment) Act, 2007”.
The defendant pleaded guilty to the charge when it was read to her.
In view of her plea, prosecution counsel, Z.B. Atiku called on Adamu Usman, an operative of the EFCC, to review the facts of the case.
Usman, while giving details of how he knew the defendant, told the court that the Commission, on March 21, 2025, received an intelligence from an open source on the illegal sale of Naira notes in the Ikeja area of Lagos.
He further told the court that “Upon receipt of the intelligence, a team of operatives carried out an operation, where Modupe Adewunmi was arrested at Jobi Fele street, opposite Regency Hall, Ikeja.
“She had two POS machines and was arrested with the sum of N1.6m. She was brought to the office and her statement was taken under caution. She confirmed that she was involved in the sales of mint Naira notes.”
Atiku tendered the defendant’s statement and the money recovered from her. She, therefore, urged the court to convict and order the forfeiture of the money to the Federal Government of Nigeria.
Justice Bogoro adjourned the matter till May 2, 2025 for ruling and ordered that she be remanded at a Correctional Centre.
