By Nkechi Eze
A Federal High Court sitting in Ibadan, Oyo State, has convicted and sentenced one Ayorinde Festus Morakinyo to six months’ imprisonment for illegally trading in Nigerian currency.
According to an official signed statement by Dele Oyewale, Head, Media and Publicity for the Economic and Financial Crimes Commission (EFCC), Morakinyo was arraigned on March 26, 2025, by the Commission’s Ibadan Zonal Directorate on a one-count charge bordering on the illegal sale of naira notes.
The charge stated that the convict sold N1,000,000 in N1000 and N500 denominations for N50,000 in December 2023 an act prohibited under Section 21(4) and punishable under Section 21(1) of the Central Bank of Nigeria Act, 2007.
Morakinyo pleaded guilty to the charge. Following his plea, EFCC counsel, Sanusi Galadanchi, called a witness, Adegbite Adebayo, an EFCC officer, who presented incriminating evidence and urged the court to convict and sentence the defendant accordingly.
In her judgment, Justice Nkeonye Maha found the defendant guilty and sentenced him to six months imprisonment with an option of a N50,000 fine.
The EFCC noted that Morakinyo’s arrest took place in February 2024 at a nightclub in Ibadan, where he was caught engaging in the illegal trade of naira notes.
The Commission reiterated its commitment to enforcing the provisions of the CBN Act and discouraging the abuse of the national currency.
