KEY POINTS

• Moshood Mustapha Olanrewaju has been arraigned in the Federal High Court in Lagos for possessing counterfeit foreign currency worth $4,350, including 98 fake $50 bills.
• The EFCC charges Olanrewaju with violating Nigeria’s financial laws, specifically the Counterfeit Currency (Special Provisions) Act, after the counterfeit money was discovered in January 2025.
• Olanrewaju pleaded not guilty, and the court adjourned the trial to June 9, 2025, with the defendant remanded in custody pending further proceedings.

The Economic and Financial Crimes Commission, EFCC, has arraigned a man, Moshood Mustapha Olanrewaju, before the Federal High Court in Ikoyi, Lagos, over his alleged possession of counterfeit foreign currency amounting to $4,350.

Olanrewaju, who appeared in court on Thursday, April 10, 2025, is facing a four-count charge related to currency counterfeiting.

The EFCC accuses Olanrewaju of possessing 98 counterfeit $50 United States dollar bills, totaling $4,350. According to the commission, the fake bills were discovered in January 2025, with some bearing distinct serial numbers such as MB61754676C, MB61754979C, and MB61753363C.

The EFCC alleges that Olanrewaju knowingly possessed the counterfeit money, which violated the Counterfeit Currency (Special Provisions) Act, Cap C35, Laws of the Federation of Nigeria, 2024.

“The accused is alleged to have knowingly held counterfeit bills, violating the relevant sections of Nigeria’s financial laws,” said Zeenat Atiku, the prosecuting counsel.

The charges specify that Olanrewaju had 21 fake $50 bills, amounting to $1,050, along with another 26 counterfeit $50 notes worth $1,300.

According to SaharaReporters, these charges add up to a total of 98 fake $50 notes, bringing the total alleged counterfeit value to $4,350. When the charges were read to him in court, Olanrewaju pleaded not guilty.

Court grants adjournment as Olanrewaju pleads not guilty

Following Olanrewaju’s not guilty plea, the prosecution, led by Atiku, requested that the court set a date for the trial and that the defendant be remanded in custody until proceedings commence.

In response, Olanrewaju’s defense counsel requested a short adjournment to file a formal bail application.

Justice Yellin Bogoro, presiding over the case, granted the prosecution’s request and adjourned the trial until June 9, 2025. The court also ordered that Olanrewaju be remanded in the custody of the Nigerian Correctional Service (NCS) until the scheduled trial date.

The EFCC has reaffirmed its commitment to fighting financial crimes and protecting the integrity of Nigeria’s financial systems. “We will continue to take decisive action against financial crime, ensuring that those who attempt to undermine our economy face the full force of the law,” the EFCC stated in a press release.

This case highlights the ongoing efforts of Nigeria’s anti-graft agency to tackle counterfeiting, a crime that undermines the country’s financial stability and security. As investigations continue, the court’s decision in June will be closely watched by both the public and regulatory authorities.