Man Jailed for Hawking New Naira Notes

The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, has secured the conviction and sentence of one Hammed Saka to three months imprisonment for hawking new Naira notes.

He was jailed by  Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos.

The charge reads: “That you, Hammed Saka, on or about the 14h day of December, 2024, at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, in Lagos, within the jurisdiction of this Honourable Court, hawked the sum of N800,000.00 (Eight Hundred Thousand Naira) 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.”

He pleaded guilty to the charge when it was read to him.

In view of his plea, prosecution counsel, S.I. Suleiman, tendered the defendant’s confessional statement as well as the money recovered from him, while also urging the court to convict him as charged.

Delivering judgment on March 19, 2025, Justice Faji convicted and sentenced Saka to three months imprisonment, with a fine of N100,000.00.

The judge also ordered the sum of N800,000 recovered from the convict to be forfeited to the Federal Government of Nigeria.

The convict bagged his imprisonment when he was arrested for hawking new Naira notes against existing laws.  He was charged to court and convicted.