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 in prison for illegally trading newly issued Naira notes.
Justice Ayokunle Faji of the Federal High Court in Ikoyi handed down the sentence after Saka pleaded guilty to the charge. The court, however, gave him an option to pay a N100,000 fine in place of the prison term.
According to the EFCC’s statement on Friday, Saka was arrested on December 14, 2024, at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, Lagos, where he was found hawking N800,000 worth of new Naira notes — an act prohibited under Section 21(4) of the Central Bank of Nigeria Act, 2007.
The prosecution counsel, S.I. Suleiman, presented Saka’s confessional statement and the money seized from him as evidence, urging the court to convict him.
Delivering his judgment on March 19, 2025, Justice Faji sentenced Saka to three months behind bars, offering an alternative fine of N100,000. He further ordered that the N800,000 recovered from Saka be forfeited to the Federal Government.
The EFCC reaffirmed its commitment to cracking down on the illegal sale of the national currency, warning others engaged in similar acts to desist or face the full weight of the law.
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