The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of Hammed Saka, who was imprisoned for three months for the illegal hawking of new Naira notes.
Justice Ayokunle Faji of the Federal High Court, Ikoyi, delivered the judgment after Saka pleaded guilty to the charge leveled against him. The court, however, gave him an option of a fine instead of the prison term.
The EFCC disclosed that Saka was arrested on 14 December 2024, at Villa Dome Event Centre in Ikoyi, Lagos, with N800,000 of new Naira notes which he was selling. By doing so, he acted in contravention of Section 21(4) of the Central Bank of Nigeria (CBN) Act, 2007.
In a trial in which the prosecution counsel, S.I. Suleiman, was tendering the confessional statement made by Saka, in addition to the recovered money, Suleiman asked the court to convict him.
Judgment was rendered by Justice Faji on 19th March 2025. Saka was sentenced to three months imprisonment with an alternative of a fine of N100,000. The court also directed the forfeiture of the N800,000 recovered from him to the Federal Government.
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