The Economic and Financial Crimes Commission (EFCC) has secured the conviction and sentencing of one Hammed Saka to three months imprisonment for selling new naira notes.
The conviction was handed down by Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos.
According to the EFCC, Saka was arrested on December 14, 2024, at the Villa Dome Event Centre on Okotie-Eboh Street, Ikoyi, Lagos, for hawking the sum of N800,000 in new Naira notes issued by the Central Bank of Nigeria (CBN). This act is a violation of Section 21(4) of the Central Bank of Nigeria Act, 2007, which prohibits the hawking, selling, or trading of Naira notes.
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During the court proceedings, Saka pleaded guilty to the charge. In light of his plea, the prosecution counsel, S.I. Suleiman, presented the defendant’s confessional statement and the recovered money as evidence. Suleiman urged the court to convict Saka as charged.
In his ruling on March 19, 2025, Justice Faji convicted Saka and sentenced him to three months imprisonment. The court also imposed a fine of N100,000 on the convict. Additionally, the judge ordered that the N800,000 recovered from Saka be forfeited to the Federal Government of Nigeria.
The EFCC has reiterated its commitment to enforcing laws that protect the integrity of the Nigerian currency. The commission warned the public against engaging in the abuse or misuse of the Naira, emphasizing that such actions are punishable under the law.
Dele Oyewale, Head of Media & Publicity for the EFCC in a statement on Friday, confirmed the conviction and sentencing, stating that the commission will continue to prosecute individuals who flout the CBN Act and other financial regulations.
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