A Federal High Court sitting in Ikoyi, Lagos has convicted two individuals for hawking and selling naira notes in violation of the Central Bank of Nigeria Act.Justice A. Aluko handed down the judgment on Tuesday, August 18, 2026.
The convicts, Mutairu Omowunmi Tawa and Faith Chukwujeku, were arraigned separately by the Lagos Zonal Directorate 1 of the EFCC on one-count charges each.According to the charge, Tawa was accused of trading N850,000 at Salamagic Event Centre, Onikan on July 25, 2026. Chukwujeku was accused of hawking N1.3 million in N200 notes on the same day in Lagos.
Both offenses are punishable under Section 21(4) of the CBN Establishment Act, 2007.The two pleaded guilty when the charges were read to them. Prosecution counsel Fanen Anum reviewed the facts and asked the court to convict them and order the forfeiture of the recovered cash to the Federal Government.
In his ruling, Justice Aluko sentenced each of them to six months imprisonment, with an option of a ₦50,000 fine. The judge also ordered that the cash tendered as Exhibit C be forfeited to the Federal Government as proceeds of the crime.
