The Economic and Financial Crimes Commission’s (EFCC) Lagos Zonal Directorate has secured the conviction of an individual named Hammed Saka, who received a three-month prison sentence for selling newly issued Naira notes.
Justice Ayokunle Faji, presiding at the Federal High Court in Ikoyi, handed down the jail term to Saka after he admitted guilt to the accusation presented before him.
In a statement released on Friday, the EFCC noted that the convicted individual was offered the alternative of paying a fine instead of serving time in prison.
The accusation stated: “That you, Hammed Saka, on or about the 14th day of December, 2024, at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, in Lagos, within the jurisdiction of this Honourable Court, hawked the sum of N800,000.00 (Eight Hundred Thousand Naira) issued by the Central Bank of Nigeria and thereby committed an offence contrary to and punishable under Section 21(4) of the Central Bank of Nigeria Act, 2007.”
After Saka pleaded guilty, the prosecution counsel, S.I. Suleiman, submitted the defendant’s written admission and the cash seized from him, while also requesting the court to find him guilty as charged.
On March 19, 2025, Justice Faji pronounced his ruling, convicting and sentencing Saka to three months behind bars along with a N100,000.00 fine.
Additionally, the judge directed that the N800,000 retrieved from the convict be surrendered to the Federal Government of Nigeria.
A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.
Nnamdi Okoli