The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Friday, June 27, 2025, secured the conviction and sentence of one Emmanuel Ayodele Areola before Justice Deinde Dipeolu of the Federal High Court sitting in Ikoyi, Lagos.
Areola was arraigned on a one-count charge of hawking Naira notes to the the tune of N1,061,500 (One Million and Sixty-one Thousand, Five Hundred Naira).
The charge reads: “That you, EMMANUEL AYODELE AREOLA, on the 8th day of November, 2024 in Lagos, within the jurisdiction of this Honourable Court, engaged in hawking the total sum of N1,061,500 (One Million Sixty one Thousand Five Hundred Naira only) in N200 Naira note denomination, with serial numbers to A/26
306876 to A/26 306976, W/50 084001 to W/50 084901, Z/12 224896 to Z/12224545 and N500 Naira note denomination, with serial numbers K/06388879 to K/06388980 and K/06 748246 to K/07 591193 issued by the Central Bank of Nigeria, and you thereby committed an offence contrary to and punishable under Section 21(4) of the Central Bank of Nigeria (Establishment) Act, 2007.”
He pleaded “guilty” to the charge when it was read to him.
In view of his plea, prosecution counsel, H.U.Kofarnaisa, reviewed the facts of the case and tendered the defendant’s statement in evidence.
She, thereafter, urged the court to convict the defendant and order the forfeiture of the money recovered from him to the Federal Government of Nigeria.
Justice Dipeolu convicted him accordingly and ordered the forfeiture of the sum of N1,061,500 to the Federal Government of Nigeria.
Justice Dipeolu, however, sentenced him to enter recognisance of good behaviour with the Commission.
