Justice M.A. Oyetenu of the Federal High Court in Uyo, Akwa Ibom State has recently convicted Etiusen Stephen for naira abuse. Stephen was charged with selling N40,000 in Naira notes to an individual, which is a violation of the CBN Act.
During his trial, Stephen pleaded guilty to the charges brought against him. The prosecution counsel requested the court to convict and sentence him accordingly, along with ordering a permanent forfeiture of the cash to the Federal Government. On the other hand, the defense counsel requested a lighter sentence, highlighting Stephen’s remorseful attitude and lack of prior criminal record.
Ultimately, Justice Oyetenu convicted Stephen and ordered the forfeiture of the N40,000 to the Federal Government. The incident occurred when Stephen was caught spraying and carelessly stepping on Naira notes while at a party in Akwa Ibom State.
This case serves as a reminder of the consequences of naira abuse and highlights the importance of respecting the country’s currency regulations. Let this be a lesson to others who may consider engaging in similar acts of misconduct.