EKO NEWS
Court Sentences Man to Prison for Hawking New Naira Notes in Lagos
- Guilty Plea: Hammed Saka admitted to selling ₦800,000 new Naira notes at Villa Dome Event Centre in Ikoyi, Lagos.
- Court Ruling: Justice Ayokunle Faji sentenced him to three months in prison with an option to pay a ₦100,000 fine.
- Asset Forfeiture: The court ordered that the ₦800,000 recovered from Saka be forfeited to the Federal Government.
The Economic and Financial Crimes Commission (EFCC) in Lagos has successfully secured the conviction of Hammed Saka, who has been sentenced to three months in prison for illegally selling new Naira notes.
The judgment was delivered by Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos. Saka was found guilty after he pleaded guilty to the charges brought against him by the EFCC.
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According to the EFCC, Saka was caught on December 14, 2024, at the Villa Dome Event Centre, located on Okotie-Eboh Street in Ikoyi, Lagos, where he was found selling ₦800,000 worth of new Naira notes. This act is a violation of the Central Bank of Nigeria (CBN) Act, 2007.
N103.7b Cash Transfer Taxation
The law strictly prohibits the sale, hawking, or misuse of the country’s currency. Section 21(4) of the CBN Act outlines penalties for anyone found guilty of tampering with or trading in Naira notes.
During the court proceedings, the EFCC’s legal representative, S.I. Suleiman, presented the defendant’s confessional statement along with the money that was recovered from him at the time of his arrest. Suleiman urged the court to convict Saka based on the evidence and his admission of guilt. Following the guilty plea and the evidence presented, Justice Faji delivered his judgment on March 19, 2025.
In his ruling, Justice Faji sentenced Hammed Saka to three months in prison. However, the court offered him the option of paying a fine of ₦100,000 instead of serving the jail term. In addition to the prison sentence and fine, the judge ordered that the ₦800,000 seized from Saka during his arrest be forfeited to the Federal Government of Nigeria.
The EFCC has continued to warn the public against engaging in the sale or misuse of Naira notes, emphasizing that such actions undermine the integrity of the national currency and violate existing laws. This conviction is part of the EFCC’s ongoing effort to enforce the regulations of the Central Bank of Nigeria and curb illegal financial practices. The agency remains committed to prosecuting anyone found guilty of such offenses and ensuring that the law is upheld.
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The case of Hammed Saka serves as a reminder that the sale of Naira notes is illegal and punishable under Nigerian law. The EFCC continues to encourage citizens to report any activities related to the abuse or sale of the national currency, as offenders will face legal consequences.
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