EFCC Arraigns Man Over Alleged Possession Of Fake $4,350 In Lagos

THE Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has brought Moshood Mustapha Olanrewaju before Justice Yellin Bogoro of the Federal High Court in Ikoyi, Lagos. He is being prosecuted on a four-count charge related to alleged possession of counterfeit currency.

Olanrewaju stands accused of being in possession of 98 fake $50 bills, amounting to a total of $4,350 USD.

One of the counts reads:

“That you, Moshood Mustapha Olanrewaju (Male), adult, sometime in January, 2025, in Lagos State, within the jurisdiction of this Honourable Court, had in your possession 21 pieces of counterfeit $50 USD (Fifty United States Dollars) bank note, totaling $1,050 (One Thousand and Fifty United States Dollars), with serial numbers MB61754676C, MB61754979C, MB61754988C, MB61754449C, MB61753319C, MB61753235C, MB61753885C, MB61754732C, MB61754432C, MB61754435C, MB61753868C, MB61753216C, MB61753103C, MB61753126C, MB61753124C, MB61754037C, MB61753352C, MB61753866C, MB641753346C, MB61753352C and MB61753363C, knowing the same to be counterfeit and thereby committed an offence contrary to Section 5 (1) (b) and punishable under Section 5 (2) of the Counterfeit Currency (Special Provisions) Act, Cap C35, Laws of the Federation Of Nigeria, 2024.”

Another count reads:

“That you, Moshood Mustapha Olanrewaju (Male), adult, sometime in January, 2025 in Lagos State, within the Jurisdiction of this Honourable Court, had in your possession 26 pieces of counterfeit $50 USD (Fifty United States Dollars) bank note totaling $1,300 (One Thousand Three Hundred United States Dollars), with serial numbers MB61753344C, MB61753471C, MB61753133C, MB61753302C, MB61753228C, MB61753812C, MB61754665C, MB61 753138C, MB61753851C, MB61753272C, MB61753782C, MB61753115C, MB61753470C, MB61753888C, MB61753898C, MB61754441C, MB61753833C, MB61753872C, MB61754437C, MB61753367C and MB61754675C knowing the same to be counterfeit and thereby committed an offence contrary to Section 5 (1) (b) and punishable under Section 5 (2) of the Counterfeit Currency (Special Provisions) Act, Cap C35, Laws of the Federation of Nigeria, 2024.”

The defendant pleaded not guilty when the charges were read out in court.

Following the plea, the prosecuting counsel, Zeenat Atiku, requested a date for trial and asked the court to order that the defendant be remanded in the custody of the Nigerian Correctional Service (NCS) pending the start of proceedings.

In response, the defence lawyer requested a short adjournment to allow time to file a formal bail application for his client.

Justice Bogoro subsequently adjourned the case to June 9, 2025, for trial and directed that the defendant remain in Correctional Service custody until then.