EFCC arraigns ex-convict for naira abuse in Lagos

Eric Patrick 

The Economic and Financial Crimes Commission, Lagos Zonal Directorate 1, on Friday, arraigned an ex-convict, Folake Adeoti, before Justice Yellim Bogoro of the Federal High Court sitting in Ikoyi, Lagos.

She is facing trial on a one-count charge of Naira mutilation. 

The Economic and Financial Crimes Commission, disclosed this in a statement shared on its Facebook page on in the late hours of Friday.

According to the statement, the suspect was arrested on March 21, 2025 around Jobi Fele Way, Ikeja, Lagos, while hawking Naira notes to the tune of N3,850,000.00. 

The count charge read,  “That you, Folake Adeoti, on the 21st day of March, 2025, opposite Regency Hall, Jobi Felé,Way, Ikeja, in Lagos within the jurisdiction of this Honourable Court, hawked the sum of N3,850,000.00 issued by the Central Bank of Nigeria and thereby committed an offence contrary to and punishable under Section 21(4)) of the Central Bank of Nigeria Act, 2007.”

She pleaded guilty to the charge when it was read to her.

Following her guilty plea,  prosecution counsel, Z.B Atiku, called on Usman Adamu to review the facts of the case. 

Atiku  tendered  the defendant’s confessional statement as well as the money recovered from her. The court admitted the documents and marked them as exhibits. 

While urging the court to convict her as charged, the counsel informed the court that Adeoti is an ex-convict, who was tried before Justice Ibrahim Kala on Naira abuse charges.

Justice Bogoro adjourned the matter till May 2, 2025 for ruling and also ordered the remand of the suspect at a Correctional Centre.