A Federal High Court in Ikoyi, Lagos State, has sentenced two women, including an ex-convict, to one year in prison each for illegally hawking Naira notes in violation of the Central Bank of Nigeria (CBN) Act.

Justice Yellin Bogoro on Friday convicted Folake Adeoti and Modupe Adewuyi after they pleaded guilty to separate one-count charges brought against them by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

The court heard that Adeoti was apprehended on March 21, 2025, along Jobi Fele Way, Ikeja, while hawking Naira notes amounting to N3.85 million.

According to the EFCC, Adeoti is a repeat offender who was previously convicted of a similar offence by Justice Ibrahim Kala.

Adewuyi was also arrested on the same day, at the same location as Adeoti, with N1.6 million in N500 and N1000 denominations.

The prosecution counsel, Z.B. Atiku, tendered their confessional statement and the money recovered from them in evidence and urged the court to convict and sentence them accordingly.

Justice Bogoro sentenced Adeoti to one year’s imprisonment without an option of a fine.

The court also ordered the forfeiture of her POS machine and the recovered money to the Federal Government.

Adewuyi also bagged one year’s imprisonment or had to pay a N500,000 fine. In addition, her POS machine and money recovered from her were also forfeited to the federal government.

Adeoti and Adewuyi were intercepted on March 21, 2025, along Jobi Fele Way, Ikeja, Lagos, while hawking cash notes of N3,850,000.00 and N1,600,000.00, respectively.