By Atoyebi Nike
The Economic and Financial Crimes Commission (EFCC) has secured the conviction of Emmanuel Ayodele Areola for hawking Naira notes totaling over N1 million, in violation of the Central Bank of Nigeria (CBN) Act.
Areola was convicted by Justice Deinde Dipeolu of the Federal High Court in Ikoyi, Lagos, on Friday, June 27, 2025, after pleading guilty to a one-count charge of illegally trading N1,061,500 in N200 and N500 denominations.
According to the charge, the defendant was found hawking the currency with identifiable serial numbers on November 8, 2024, an offence that contravenes Section 21(4) of the CBN (Establishment) Act, 2007.
Following his plea, prosecution counsel H.U. Kofarnaisa presented the facts and urged the court to convict Areola and forfeit the seized funds to the Federal Government.
Justice Dipeolu granted the request, ordering the forfeiture of N1,061,500 to the government, while also sentencing Areola to enter a recognisance of good behavior with the EFCC.
The conviction highlights the EFCC’s ongoing efforts to enforce currency handling laws and discourage illegal street trading of Naira notes.
