Justice A. Aluko of the Federal High Court, Ikoyi, Lagos, on Tuesday, August 18, 2026, convicted and sentenced two individuals to six months’ imprisonment each for offences bordering on the unlawful trading of naira notes.
The convicts, Mutairu Omowunmi Tawa and Faith Chukwujeku, were separately arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on one-count charges.
According to the charge against Tawa, she was accused of selling and trading in the sum of ₦850,000 at Salamagic Event Centre, Onikan, Lagos.
The charge read: “That you, Mutairu Omowunmi, female, on or about 25th of July, 2026, at Salamagic Event Centre, Onikan, Lagos, within the jurisdiction of this Honourable Court, did sell and trade in the sum of N850,000.00 and thereby committed an offence contrary to Section 21(4) of the Central Bank of Nigeria Act. 2007 as amended and punishable under Section 21(10) of the same Act.”
Similarly, Chukwujeku was accused of hawking ₦1.3 million in ₦200 denominations. Her charge stated: “That you, Faith Chukwujeku on the 25th of July, 2026 in Lagos within the jurisdiction of this Honourable Court engaged in hawking the total sum of N1,300,000 (One Million Three Hundred Thousand Naira) in N200 note denomination 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 (Establishment) Act, 2007.”
Both defendants pleaded guilty when the charges were read. Prosecution counsel Fanen Anum urged the court to convict and sentence them accordingly, stressing that the exhibits recovered should be forfeited to the Federal Republic of Nigeria. “We ask the court to convict and sentence the defendants, and order the forfeiture of the exhibits recovered, being the instruments used in committing the crime,” Anum said.
Delivering judgment, Justice Aluko found the duo guilty and sentenced them to six months’ imprisonment with an option of a ₦50,000 fine each. He further ordered that the seized cash, marked as Exhibit C, be forfeited to the Federal Government.
“The convicts are hereby sentenced to six months imprisonment with an option of fine. The exhibits recovered shall be forfeited to the Federal Government as they were used in committing the crime,” the judge declared.
This ruling underscores the court’s stance against the unlawful trading of Nigeria’s currency, reinforcing the Central Bank’s regulations on the sanctity of the naira.
