Currency racketeer bags jail terms in Lagos

The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) on Wednesday, March 20, 2024, secured the conviction and sentencing of one Yusuf Isiaka, before Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos.

Isiaka was arraigned on one-count charge bordering on Naira racketeering under Section 21(4) of the CBN Act.

The charge reads: “That you, Yusuf Isiaka on the 17th of February 2024, in Lagos within the jurisdiction of this Honorable Court engaged in hawking the total sum of N100,000 (One Hundred Thousand naira) in N500 naira note denomination, ‘serial number: B/49 934847 to B/49 934849, B/49 934628 B/49 934629’ issued by the Central Bank of Nigeria and thereby committed an offence contrary to Section 21 (4) and punishable under Section 21 (1) of the Central Bank of Nigeria (Establishment) Act, 2007.”

Isiaka pleaded “guilty” to the charge when it was read to him.

In view of his guilty plea, prosecuting counsel, A.S. Wara, applied to review the facts of the case through the investigating officer, Wodi Abdulhamid.   He told the court that the Isiaka was arrested on February 17, 2024 in response to intelligence received by the Commission on the activities of some persons involved in the mutilation of the Naira notes in the Lagos Island area of Lagos.

“The defendant was picked up while he was selling new Naira notes at Water Front event Center, Oregon, Lagos,” he said.

He testified further that a total sum of N100,000.00 was recovered from him.   “In his statements under words of caution, he confessed to the selling of Naira notes,” he said.

Wara, thereafter, sought to tender, in evidence, the said statements, the sum of N100,000.00 (One Hundred Thousand Naira) and the POS machine.

Justice Faji admitted and marked them as exhibits.  Thereafter, the trial judge declared him guilty as charged.

Defence counsel, Kolapo Gbadamosi, prayed the court for leniency.

He appealed to the court to give the defendant the money, so he could return to the rightful owner.  “He is also a first-time offender and he has expressed sincere remorse over his actions,” he said.

Justice Faji sentenced him to four months imprisonment and a fine of N20,000. The judge also held that the N100,000 and the POS machine were instruments of the crime, and so ordered that they be forfeited to the Federal Government.