The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has arraigned Moshood Mustapha Olanrewaju on a four-count charge bordering on alleged currency counterfeiting before Justice Yellin Bogoro of the Federal High Court, Ikoyi, Lagos.
Olanrewaju was arraigned on Thursday, April 10, 2025 for alleged possession of 98 pieces of $50 USD, totaling $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, however, pleaded not guilty to the charges when they were read to them
In view of his plea, prosecution counsel, Zeenat Atiku, asked for a trial date and also urged the court to remand him in the custody of the Nigerian Correctional Service (NCS) pending commencement of trial.
The defence counsel, in his response, asked the court for a short date to enable him file bail application on behalf of his client.
Justice Bogoro adjourned the matter till June 9, 2025 for trial and ordered that the defendant be remanded in the custody of the Correctional Service.
