Ibadan Man Jailed For Illegal Naira Trading.
In a landmark ruling, Justice Nkeonye Maha of the Oyo State Federal High Court in Ibadan has sentenced Ayorinde Festus Morakinyo to six months in prison for illegally trading naira notes, reinforcing the judiciary’s commitment to upholding Nigeria’s financial regulations.
Morakinyo was arraigned on 26 March 2025 by the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on a single-count charge related to the illicit sale of naira notes. The charge stated that in December 2023, Morakinyo sold N1,000,000 in N1,000 and N500 denominations, issued by the Central Bank of Nigeria, for a mere N50,000, an act deemed a violation of Section 21(4) of the Central Bank of Nigeria Act, 2007.
When the charge was read in court, Morakinyo pleaded guilty. Prosecution counsel Sanusi Galadanchi presented incriminating evidence through EFCC officer Adegbite Adebayo, including documents and items recovered from the defendant. Galadanchi urged the court to convict and sentence Morakinyo accordingly.
Delivering the judgement, Justice Maha sentenced Morakinyo to six months imprisonment but offered an option of a N50,000 fine. The conviction stems from Morakinyo’s arrest in February 2024 at a nightclub in Ibadan, where he was caught engaging in the illegal trade of naira notes.
This ruling serves as a stern warning to those undermining Nigeria’s currency regulations, highlighting the EFCC’s ongoing efforts to combat financial crimes and protect the integrity of the naira.
