By The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of Hammed Saka, who was sentenced to three months in prison for illegally selling new Naira notes.
Justice Ayokunle Faji of the Federal High Court in Ikoyi handed down the sentence after Saka pleaded guilty to the charge. The court also gave him the option of paying a fine instead of serving the jail term.
According to the EFCC, Saka was caught on December 14, 2024, at Villa Dome Event Centre, Ikoyi, Lagos, with N800,000 in new Naira notes, which he was selling illegally. His actions violated Section 21(4) of the Central Bank of Nigeria Act, 2007.
The prosecution counsel, S.I. Suleiman, presented Saka’s confessional statement along with the recovered cash as evidence and urged the court to convict him.
On March 19, 2025, Justice Faji sentenced Saka to three months in prison but allowed him the option of a ₦100,000 fine. Additionally, the court ordered that the N800,000 seized from him be forfeited to the Federal Government.
The EFCC has continued its crackdown on individuals involved in the illegal sale of new Naira notes, warning that such acts undermine the country’s financial system and will not be tolerated.
