The Lagos Zonal Directorate of the Economic and Financial Crimes Commission has secured the conviction of Hammed Saka for hawking new naira notes.
Justice Ayokunle Faji of the Federal High Court in Ikoyi sentenced Saka to a three-month imprisonment with an option of a N100,000 fine.
This was contained in a press statement issued by the Commission through its official Twitter handle on Friday.
Saka was apprehended on December 14, 2024, at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, Lagos, for illegally trading N800,000 worth of new Naira notes, an act contravening Section 21(4) of the Central Bank of Nigeria Act, 2007.
Upon arraignment, Saka pleaded guilty to the charge. Prosecution counsel S.I. Suleiman presented Saka’s confessional statement and the recovered money as evidence, urging the court for a conviction.
In addition to the imprisonment and fine, Justice Faji ordered the forfeiture of the N800,000 recovered from Saka to the Federal Government of Nigeria.
This ruling aligns with the EFCC’s intensified efforts to curb Naira abuse, which have resulted in 24 convictions and over 200 ongoing prosecutions nationwide.
The EFCC, in its statement, reiterated its commitment to enforcing laws against the abuse of the naira and warned that individuals engaging in such illegal activities would face the full wrath of the law.
