The Federal High Court in Ikoyi, Lagos, has sentenced two individuals to six months in prison for illegally trading naira notes.

On Tuesday, August 18, 2026, Justice A. Aluko announced the sentences after Mutairu Omowunmi Tawa and Faith Chukwujeku admitted guilt to separate charges brought against them by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

Tawa faced charges for selling and trading N850,000 at Salamagic Event Centre in Onikan, Lagos, on July 25, 2026 while Chukwujeku was charged with hawking N1.3 million in N200 bills on the same day in Lagos.

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These actions violated Section 21(4) of the Central Bank of Nigeria (Establishment) Act, 2007, as amended.

Following their guilty pleas were entered, prosecution lawyer Fanen Anum presented the details of the cases to the court and asked the judge to convict and sentence both defendants accordingly.

Anum also requested that the court order the confiscation of the money recovered from the convicts to benefit the Federal Government, stating that it was used in committing these crimes.

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In his ruling, Justice Aluko found both Tawa and Chukwujeku guilty and sentenced each to six months in prison or a fine of N50,000 as an alternative.

The judge also ordered that the cash marked as Exhibit C be forfeited to the Federal Government since it was linked to their illegal activities.