“Behind Bars for Money Spray: Court Sentences Man for Naira Note Display”

Babatunji Wusu –

Justice M. A. Oyetenu of the Federal High Court in Uyo, Akwa Ibom State, has found Etiusen Stephen guilty of spraying naira notes, following his arraignment on July 19, 2024, by the Economic and Financial Crimes Commission (EFCC).

Stephen faced a two-count charge related to naira abuse, one of which stated that he sold forty thousand naira notes (N40,000.00) to Edidiong Usoro on or about June 27, 2024, in Uyo, Akwa Ibom State. This action contravenes Section 21 (4) of the Central Bank of Nigeria Act 2007 and is punishable under Section 21 (1) of the same Act.

Upon hearing the charges, Stephen pleaded guilty to both counts. Justice Oyetenu subsequently convicted him and ordered the forfeiture of the recovered N40,000 to the Federal Government of Nigeria.