20/08/2026
Court Jails Two for Illegal Naira Trading in Lagos
Justice A. Aluko of the Federal High Court, Ikoyi, Lagos, on Tuesday, August 18, 2026, convicted and sentenced two persons to six months imprisonment respectively for offences bordering on unlawful trading of naira notes.
The convicts; Mutairu Omowunmi Tawa and Faith Chukwujeku were separately arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on one-count charge each.
The charge against Mutairu Omowunmi Tawa reads: “That you, Mutairu Omowunmi female, on or about 25th of July, 2026, at Salamagic Event Centre, Onikan, Lagos, within the jurisdiction of this Honourable court, did sell and trade in the sum of N850,000.00 and thereby committed an offence contrary to Section 21(4) of the Central Bank Nigeria Act. 2007 as amended and punishable under Section 21(10) of the same Act.’’
The charge against Faith Chukwujeku reads: “That you, Faith Chukwujeku on the 25th of July, 2026 in Lagos within the jurisdiction of this Honourable Court engaged in hawking the total sum of N1, 300, 000 (One Million Three Hundred Thousand Naira ) in N200 note denomination 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 (Establishment) Act, 2007.”
They pleaded guilty when the charges were read to them.
Following their guilty pleas, prosecution counsel Fanen Anum reviewed the facts of the cases and urged the court to convict and sentence them accordingly.
He further urged the court to order the forfeiture of the exhibits recovered from the convicts to the federal Republic of Nigeria being the instrument used in committing the crime.
In his judgment, Justice Aluko found the duo guilty and sentenced them to six months imprisonment with an option of ₦50,000 fine each.
Justice Aluko also ordered that the cash marked as exhibit C be forfeited to the Federal government being the instrument used in committing the crime.
