Court Sentences Lagos Resident To Three Months In Prison For Hawking New Naira Notes
Saka was found guilty of illegally trading new currency notes issued by the Central Bank of Nigeria (CBN).
The Lagos zonal directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of one Hammed Saka, who has been sentenced to three months imprisonment for hawking new naira notes.
Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos, handed down the sentence on March 19, 2025.
Saka was found guilty of illegally trading new currency notes issued by the Central Bank of Nigeria (CBN).
The charge against him reads, “That you, Hammed Saka, on or about the 14th day of December, 2024, at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, in Lagos, within the jurisdiction of this Honourable Court, hawked the sum of N800,000 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.”
Upon the reading of the charge, Saka pleaded guilty to the offence.
The prosecution counsel, S.I. Suleiman, proceeded to present the defendant’s confessional statement alongside the money recovered from him, urging the court to convict him as charged.
Delivering the judgment, Justice Faji sentenced Saka to three months imprisonment, with the option of a N100,000 fine.
Additionally, the court ordered that the sum of N800,000 recovered from the convict be forfeited to the Federal Government of Nigeria.
The EFCC warned Nigerians against engaging in such illegal activities, emphasising the legal consequences of violating currency regulations.Nigerian cultural tourism packages
