Court jails currency racketeer 4 months in Lagos

A Federal High Court sitting in Lagos, has convicted one Yusuf Isiaka, arraigned on one-count charge bordering on Naira racketeering.

The convict was sentenced to four months imprisonment and a fine of N20,000.

Isiaka was arraigned on one-count charge bordering on Naira racketeering under Section 21(4) of the CBN Act by the Economic and Financial Crimes Commission, EFCC.

The charge against him reads: “That you, Yusuf Isiaka on February 17, 2024, in Lagos within the jurisdiction of this court engaged in hawking the total sum of N100,000 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.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.

READ ALSO: Edo, Oando to generate 175MW wind energy for industrial clusters

“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 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 and the POS machine.

Trial judge, Justice Ayokunle 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.

Leave a Reply

Your email address will not be published. Required fields are marked *