Three people have been convicted by a Federal High Court in Ilorin, the capital of Kwara state, for their participation in naira racketeering.

They were dragged to the court by the Ilọrin Zonal office of the Economics and Financial Crimes Commission (EFCC) on a one-count charge each of selling new naira notes to the public for commercial purposes.

The offence contravened section 21 (4) of the Central Bank of Nigeria Act, 2007 and is punishable under Section 21 (1).

The convicts, Asmau Sallah Wuraola, Owoduni Abdullahi Isa (Bolaji) and Shuaibu Rukayat however pleaded guilty to their respective charges in court.

According to one of the charges, Wuraola, “On February 17, 2024, at Arca Santa Event Centre Ilorin, did trade in naira notes issued by the CBN”.

Prosecuting counsel, Innocent Mbachie, tendered as evidence new naira notes recovered from them at the point of arrest which were admitted as evidence and prayed the court to convict and sentence them accordingly.

Delivering judgement, Justice Evelyn Anyadike, pronounced the defendants guilty and sentenced them to various jail terms with the option of N50,000 fines each.

The court also ordered the forfeiture of N1,370,000 recovered from them and the destruction of their POS machines.