Court jails two for illegal naira cash trading at Lagos event centre
The Federal High Court, Lagos Division, on Tuesday sentenced two persons to six months’ imprisonment each after they pleaded guilty to unlawfully trading naira notes.
The court sentenced the duo for unlawfully trading and hawking naira notes. The Economic and Financial Crimes Commission (EFCC) arrested and prosecuted them.
The first convict, Mutairu Omowunmi Tawa, was caught selling and trading N850,000 at the Salamagic Event Centre, Onikan, Lagos on July 25, committing an offence contrary to Section 21(4) of the Central Bank of Nigeria Act. 2007 as amended and punishable under Section 21(10) of the same Act.’
The second defendant, Faith Chukwujeku, was caught hawking N1.3 million in N200 notes in Lagos on July 25, committing an offence contrary to and punishable under Section 21(4) of the Central Bank of Nigeria (Establishment) Act, 2007.
Both convicts pleaded guilty to the charges read to them. The prosecution counsel, Fanen Anum, urged the court to sentence the defendants accordingly.
They were given an option of a N50,000 fine.
The court ordered that cash marked as ‘Exhibit C’ be forfeited to the federal government.
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