Court Jails Hammed Saka for Hawking Naira Notes
The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of Hammed Saka, sentencing him to three months in prison for illegally hawking new Naira notes.
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Justice Ayokunle Faji of the Federal High Court, Ikoyi, delivered the verdict, following Saka’s guilty plea.
According to the charge presented by the EFCC, Saka was arrested on December 14, 2024, at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, Lagos, for illegally selling N800,000 worth of new Naira notes.
His actions were found to be in violation of Section 21(4) of the Central Bank of Nigeria (CBN) Act, 2007, which prohibits the hawking, selling, or abuse of the country’s currency.
During the court session, the prosecution counsel, S.I. Suleiman, presented the defendant’s confessional statement along with the money recovered from him as evidence. He urged the court to convict Saka as charged.
On March 19, 2025, Justice Faji ruled that:
Saka would serve three months in prison.
He could, however, pay a fine of N100,000 in place of imprisonment.
The N800,000 recovered from him would be forfeited to the Federal Government of Nigeria.
Saka’s conviction highlights the Nigerian government’s intensified crackdown on the illegal sale and abuse of Naira notes. The EFCC has warned that anyone found violating CBN currency regulations will face strict legal consequences.
The case serves as a stern warning to individuals engaging in the illicit trade of newly issued Naira notes, a practice that has contributed to cash shortages and financial irregularities in the country
