Folake Adeoti, a former prisoner, was charged by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission before Justice Yellim Bogoro of the Federal High Court in Ikoyi, Lagos, on Friday.
On a single count of naira mutilation, she is going to stand trial.
The commission claims that Adeoti was detained on March 21, 2025, while selling N3.8 million worth of naira notes in the vicinity of Jobi Fele Way in Ikeja, Lagos.
The charge read, “That you, Folake Adeoti, on the 21st day of March, 2025, opposite Regency Hall, Jobi Felé, Way, Ikeja, in Lagos within the jurisdiction of this Honourable Court, hawked the sum of N3,850,000.00 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.”
When the accusation was read to her, she entered a guilty plea.
Z.B. Atiku, the prosecution’s attorney, contacted Usman Adamu to go over the case’s facts after she entered a guilty plea.
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Atiku presented the money that was taken from the defendant along with her confessing statement.
The materials were acknowledged by the court and designated as exhibits.
While urging the court to convict her as charged, the counsel informed the court that Adeoti “is an ex-convict, who was tried before Justice Ibrahim Kala on Naira abuse charges.”
Justice Bogoro adjourned the matter till May 2, 2025, for ruling and also ordered the remand of the suspect at a Correctional Centre.
In a related development, the Lagos Zonal Directorate 1 of the EFCC also arraigned one Modupe Adewuyi on a one-count charge bordering on illegal sale of Naira notes before Justice Bogoro.
Adewuyi was apprehended in Lagos on March 21, 2025, along Jobi Fele way, while hawking Naira notes to the tune of N1.6m.
The charge read, “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 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”.
The defendant pleaded guilty to the charge when it was read to her.
In view of her plea, prosecution counsel, Atiku, called on Adamu Usman, an operative of the EFCC, to review the facts of the case.
Usman explained to the court how he came to know the defendant, stating that on March 21, 2025, the commission got information on the illicit selling of naira notes in Lagos’ Ikeja neighbourhood from an open source.
“A team of operatives carried out an operation upon receiving the intelligence, where Modupe Adewunmi was arrested at Jobi Fele street, opposite Regency Hall, Ikeja,” he said in his statement before the court.
“She had two POS machines and was arrested with the sum of N1.6m. She was brought to the office and her statement was taken under caution. She confirmed that she was involved in the sales of mint Naira notes.”
Atiku tendered the defendant’s statement and the money recovered from her. She, therefore, urged the court to convict and order the forfeiture of the money to the Federal Government of Nigeria.
Justice Bogoro adjourned the matter till May 2, 2025, for ruling and ordered that she be remanded at a Correctional Centre.
