COURT JAILS MAN FOR SELLING NAIRA NOTES AT IBADAN NIGHT CLUB

Justice Nkeonye Maha of the Federal High Court, sitting in Ibadan has sentenced one Ayorinde Festus Morakinyo to six months imprisonment for illegal trading of Naira notes.

The convict was arraigned by the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on March 26, 2025 on a one-count charge.

In the charge sheet, the EFCC alleged that Ayorinde Festus Morakinyo sometimes in December. 2023 in Ibadan, made a profit of N50,000 (Fifty Thousand Naira) from the sale of N1,000,000 (One Million Naira) in violation of Section 21(4) of the Central Bank of Nigeria Act, 2007 and Punishable under Section 21(1) of the same Act.”

EFCC spokesman, Dele Oyewale, disclosed in a statement that Ayorinde pleaded “guilty” when the charge was read to him, prompting prosecution counsel, Sanusi Galadanchi to present a witness, Adegbite Adebayo, an officer of the EFCC through whom he tendered incriminating documents and items, and urged the court to convict and sentence the defendant as charged.

Delivering judgment on the case,
Justice Maha convicted and sentenced Morakinyo to six months imprisonment or to pay N50,000.00 (Fifty Thousand Naira) fine.

The convict’s journey to the correctional centre began with his arrest sometime in February, 2024 in a night club in Ibadan, Oyo State where he was trading in naira notes.