The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has successfully secured the conviction of Hammed Saka for illegally hawking new Naira notes.
Justice Ayokunle Faji of the Federal High Court in Ikoyi sentenced Saka to three months in prison, with the option of paying a N100,000 fine.
The conviction was announced in a press statement released by the EFCC via its official Twitter handle on Friday. Saka was arrested on December 14, 2024, at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, Lagos, for unlawfully trading N800,000 worth of new Naira notes, in violation of Section 21(4) of the Central Bank of Nigeria Act, 2007.
During the court proceedings, Saka pleaded guilty to the charge. Prosecution counsel S.I. Suleiman presented Saka’s confessional statement and the recovered money as evidence, urging for a conviction.
In addition to the imprisonment and fine, Justice Faji ordered the forfeiture of the N800,000 seized from Saka to the Federal Government of Nigeria.
This ruling is part of the EFCC’s ongoing efforts to combat the abuse of the Naira, which has resulted in 24 convictions and over 200 ongoing prosecutions across the country.
The EFCC reiterated its commitment to strictly enforcing laws against Naira abuse and warned that those involved in such illegal activities will face the full force of the law.