The Federal High Court in Ikoyi, Lagos, has convicted and sentenced two women to six months imprisonment each for offences related to the unlawful trading of naira notes. Justice A. Aluko delivered the judgment on Tuesday, August 18, 2026, following separate arraignments by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
Charges and Pleas
The convicts, Mutairu Omowunmi Tawa and Faith Chukwujeku, were each arraigned on a one-count charge. Mutairu Omowunmi Tawa was accused of selling and trading in the sum of N850,000 on or about July 25, 2026, at Salamagic Event Centre, Onikan, Lagos. The charge stated that this act was contrary to Section 21(4) of the Central Bank of Nigeria (CBN) Act, 2007, as amended, and punishable under Section 21(10) of the same Act.
Faith Chukwujeku faced a separate charge for hawking the total sum of N1,300,000 in N200 note denominations issued by the CBN on the same date and location. Her offence was also cited as contrary to Section 21(4) of the CBN (Establishment) Act, 2007. Both women pleaded guilty when the charges were read to them in court.
Prosecution and Forfeiture Orders
Following their guilty pleas, prosecution counsel Fanen Anum reviewed the facts of the cases and urged the court to convict and sentence the defendants accordingly. He further requested that the court order the forfeiture of the exhibits recovered from the convicts to the Federal Republic of Nigeria, describing them as instruments used in committing the crime.
In his judgment, Justice Aluko found both women guilty and sentenced them to six months imprisonment each, with an option of a ₦50,000 fine. The judge also ordered that the cash marked as exhibit C be forfeited to the Federal Government, as it was the instrument used in committing the offence.
Impact of the Ruling
The ruling serves as a reminder of the legal consequences of trading or hawking naira notes, an act prohibited under Nigerian law. The EFCC's Lagos Zonal Directorate 1 continues to enforce regulations against such practices, and this conviction underscores the judiciary's stance on preserving the integrity of the national currency.
