Ibadan’s Federal High Court has sentenced two men to six months in prison for illegal naira trading, in a ruling that underscores the government’s stance against currency abuse. The convicts, Suleiman Kolawole Nurudeen and Yekeen Kazeem Ayoade, were found guilty on a one-count charge of naira racketeering after being arraigned by the Economic and Financial Crimes Commission (EFCC) in Ibadan.
The EFCC announced the conviction in a statement on November 2 via their official X handle, detailing that Justice E.U. Akpan issued the sentence following the defendants’ guilty pleas. The charge accused Nurudeen and Ayoade of selling N50,000 worth of naira notes for N60,000 on February 20, 2024, an offense contrary to Section 21 of the Central Bank Act, 2007.
Prosecution counsel Mabas Mabur reviewed the facts and presented evidence to support the charges, urging the court to apply the full measure of justice. Justice Akpan subsequently sentenced both men to six months in prison with an option to pay a fine of N50,000 each. Additionally, the court ordered the forfeiture of N224,000 and a blue Moniepoint POS device used in the crime to the Federal Government.
This ruling comes amid intensified efforts by Nigerian authorities to combat naira abuse and illegal currency trading across the country.
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