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Man Jailed Five Years for Currency Counterfeiting


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A Federal High Court sitting in Ikoyi, Lagos, on Friday, July 24, 2020 convicted and sentenced one Folarin Olayinka, to five years imprisonment for possession of counterfeit currency.
In a short ruling delivered by Justice Chukwujekwu Aneke on behalf of Justice John Tsoho, a former Federal High Court Judge in the Lagos jurisdiction, who is now the Chief Judge of the Federal High Court in Nigeria, the court found the convict guilty on counts 1 and 2 of the charges preferred against him by the Economic and Financial Crimes Commission, EFCC, Lagos Zonal Office and sentenced him accordingly to five years imprisonment on each count. The sentence runs concurrently.

The convict was arraigned by the Economic and Financial Crimes Commission, EFCC, on seven- count charges bordering on possession of counterfeit currency and attempt to export same, before Justice John Tsoho sometimes in 2010

One of the count read: “that you Folarin Olayinka on or about the 29th day of January 2008, at Idi-Iroko Lagos within the jurisdiction of the Federal High Court with intent to defraud, attempted to export without lawful authority, 79 pieces of United States of America Global Currency Services Money Order, valued at $38, 315. 00 (Thirty Eight Thousand, Three Hundred and Fifteen United States of American Dollars) knowing them to be counterfeit and thereby committed an offence contrary to Section 6(1) and punishable under Section 3(b) of the Counterfeit currency (Special Provision) Act Cap. C 35, Laws of the Federation of Nigeria, 2004.

Upon his arraignment, he pleaded not guilty to the charges and trial commenced.

The prosecution through its counsel, S. O Daji called four witnesses including a forensic analyst, and tendered several pieces of evidence to prove the guilt of the defendant. Subsequently, the court discharged him on Counts 3-7 of the same charge.

The Judge also ordered that the money order should be destroyed within 90 days, if there is no appeal and also forfeit the monies found on him to the Federal Government of Nigeria.

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