The Economic and Financial Crimes Commission (EFCC) has secured the conviction of Hammed Saka, who was sentenced to three months in prison for selling new Naira notes.
Justice Ayokunle Faji of the Federal High Court in Ikoyi, Lagos, delivered the judgment after Saka pleaded guilty to the charge.
EFCC operatives arrested Saka on December 14, 2024, at Villa Dome Event Centre, Ikoyi, Lagos, for hawking N800,000 in new Naira notes issued by the Central Bank of Nigeria (CBN). His actions violated Section 21(4) of the CBN Act, 2007, which prohibits the sale or trade of Naira notes.
During the court proceedings, EFCC prosecutor S.I. Suleiman presented Saka’s confessional statement and the recovered money as evidence. The prosecution urged the court to convict him based on the facts presented.
On March 19, 2025, Justice Faji sentenced Saka to three months imprisonment with an option of a N100,000 fine. The court also ordered the forfeiture of the N800,000 seized from him to the Federal Government.
Following the verdict, the EFCC reiterated its commitment to upholding financial laws and protecting the integrity of the Nigerian currency. The commission also warned the public against abusing or misusing the Naira, emphasizing that violators will face legal consequences.
