LAGOS COURT SENTENCES MAN TO 3-MONTH IN PRISON FOR HAWKING NEW NAIRA NOTES
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The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of Hammed Saka, who was sentenced to three months in prison for illegally trading new naira notes.
Justice Ayokunle Faji of the Federal High Court in Ikoyi, Lagos, delivered the verdict on March 19, 2025.
Saka was found guilty of hawking ₦800,000 in newly issued currency, a violation of the Central Bank of Nigeria (CBN) Act, 2007.
The charge against him stated: “That you, Hammed Saka, on or about the 14th day of December, 2024, at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, Lagos, within the jurisdiction of this Honourable Court, hawked the sum of ₦800,000 issued by the Central Bank of Nigeria, thereby committing an offence contrary to and punishable under Section 21(4) of the Central Bank of Nigeria Act, 2007.”
Saka pleaded guilty to the offence. The prosecution counsel, S.I. Suleiman, presented the defendant’s confessional statement and the recovered cash as evidence, urging the court to convict him.
Justice Faji sentenced Saka to three months in prison with the option of a ₦100,000 fine.
Additionally, the court ordered the forfeiture of the ₦800,000 to the Federal Government of Nigeria.
Following the ruling, the EFCC reiterated its warning against the illegal trading of naira notes, emphasizing the legal consequences of violating currency regulations.
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