A federal court in Lagos has sentenced two individuals Folake Adeoti and Modupe Adewuyi, to prison for violating the nation’s currency laws.

The judgment, delivered on Friday, marks a significant crackdown on the illicit trade of banknotes in the country.

According to the anti-corruption agency responsible for the prosecution, the two defendants were arrested on the same day in March 2025, in separate incidents, for engaging in the unauthorized sale of currency notes. One of the defendants, a repeat offender, was found in possession of a substantial amount of cash, while the other was caught with a smaller but still significant sum.

The charges against the defendants alleged that they had committed offenses contrary to the nation’s CentralBbank laws, which prohibit the hawking of currency notes.

The defendants, who pleaded guilty to the charges, were sentenced to one year in prison each.

The case highlights the ongoing efforts of law enforcement agencies to combat financial crimes and maintain the integrity of the country’s currency.

The sentences handed down by the court serve as a deterrent to those who would engage in such illicit activities, and demonstrate the commitment of the judiciary to upholding the law and protecting the nation’s financial system.

The anti-corruption agency responsible for the prosecution has vowed to continue its efforts to root out financial crimes, including the illegal trade of currency notes, and to bring those who engage in such activities to justice. The agency’s actions are seen as a crucial step in maintaining the stability and security of the nation’s financial system.