The Economic and Financial Crimes Commission (EFCC) on Friday said it has secured the conviction and sentencing of one Emmanuel Ayodele Areola before Justice Deinde Dipeolu of the Federal High Court sitting in Ikoyi, Lagos, for engaging in the illegal hawking of Nigerian currency notes.
Areola was arraigned on a one-count charge bordering on hawking Naira notes totaling ₦1,061,500 (One Million, Sixty-One Thousand, Five Hundred Naira) in contravention of Nigerian financial regulations.
The charge against him 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 ₦1,061,500 (One Million, Sixty-One Thousand, Five Hundred Naira only) in ₦200 Naira note denomination, with serial numbers A/26 306876 to A/26 306976, W/50 084001 to W/50 084901, Z/12 224896 to Z/12 224545, and ₦500 Naira note denomination, with serial numbers K/06 388879 to K/06 388980 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.”
When the charge was read to him in court, Areola pleaded “guilty,” admitting to the offence.
Following his plea, prosecution counsel H.U. Kofarnaisa reviewed the facts of the case and tendered Areola’s statement as evidence before the court.
The prosecution then urged the court to convict the defendant and order the forfeiture of the funds recovered from him to the Federal Government of Nigeria.
In his ruling, Justice Deinde Dipeolu found Areola guilty as charged.
Consequently, the court ordered that the sum of ₦1,061,500, recovered from the defendant during his arrest, be forfeited to the Federal Government of Nigeria.
However, rather than imposing a custodial sentence, Justice Dipeolu sentenced Areola to enter a recognisance to be of good behaviour with the EFCC.
