Man forfeits over N1m to FG as court convicts him for selling Naira notes

A Federal High Court sitting in Ikoyi, Lagos, has convicted Emmanuel Areola for illegally trading in Naira notes totaling over N1 million.

The conviction was secured on Friday, June 27, 2025, by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), following Areola’s arraignment on a one-count charge.

According to a statement issued by the EFCC, Areola was found guilty of hawking Naira notes amounting to N1,061,500.

The charge against him stated: “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.”

Areola pleaded guilty to the charge when it was read in court.

Following his plea, prosecution counsel H.U. Kofarnaisa presented a review of the case facts and tendered the defendant’s statement as evidence.

She then urged the court to convict the defendant and order the confiscation of the seized cash in favour of the Federal Government.

Justice Deinde Dipeolu subsequently convicted Areola and ruled that the N1,061,500 be forfeited to the Federal Government.

In addition, the judge ordered that the defendant be bound over to be of good behaviour under the supervision of the EFCC.