By Bashir Aliyu
(Abuja-Nigeria) The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has arraigned two individuals, Folake Adeoti and Modupe Adewuyi, before Justice Yellim Bogoro of the Federal High Court in Ikoyi, Lagos, on charges related to the illegal sale and mutilation of Naira notes.
Folake Adeoti’s Case
On Friday, April 4, 2025, Adeoti was arraigned on a one-count charge of Naira mutilation. She was arrested on March 21, 2025, along Jobi Fele Way, Ikeja, Lagos, while hawking mutilated Naira notes totaling N3,850,000.00.
The charge against Adeoti reads:
“That you, Folake Adeoti, on the 21st day of March, 2025, opposite Regency Hall, Jobi Fele, 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.”
Upon reading the charge, Adeoti pleaded guilty. Prosecution counsel, Z.B. Atiku, called on Usman Adamu to review the facts of the case. Atiku tendered Adeoti’s confessional statement and the N3.85 million recovered from her. The court admitted both as exhibits.
Atiku also informed the court that Adeoti is a repeat offender, having been previously convicted before Justice Ibrahim Kala for similar Naira abuse charges. Following the guilty plea, Justice Bogoro adjourned the matter until May 2, 2025, for a ruling and ordered that Adeoti be remanded in a Correctional Centre.
Modupe Adewuyi’s Case
In a related development, the EFCC arraigned Modupe Adewuyi on a one-count charge concerning the illegal sale of Naira notes. Adewuyi was apprehended on March 21, 2025, at Jobi Fele Way, Ikeja, while hawking mutilated Naira notes worth N1,600,000.00.
The charge against Adewuyi 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.”
Adewuyi also pleaded guilty to the charge when it was read to her. Prosecution counsel, Z.B. Atiku, called on Adamu Usman, an EFCC operative, to review the facts of the case. Usman testified that, based on intelligence received on the illegal sale of Naira notes, operatives apprehended Adewuyi at the location. She was found in possession of two POS machines and the sum of N1,600,000.00. During her statement, she admitted her involvement in the sale of mint Naira notes.
Atiku presented the defendant’s statement and the recovered money as evidence, urging the court to convict Adewuyi and order the forfeiture of the money to the Federal Government of Nigeria.
Justice Bogoro adjourned the matter until May 2, 2025, for a ruling and ordered that Adewuyi be remanded in a Correctional Centre.
