EFCC Arraigns Moshood Olanrewaju for Alleged Possession of Counterfeit Dollar Notes

The Economic and Financial Crimes Commission (EFCC) has arraigned one Moshood Mustapha Olanrewaju before the Federal High Court sitting in Ikoyi, Lagos, over the alleged possession of counterfeit dollar notes totaling $4,350.

Olanrewaju was brought before Justice Yellin Bogoro on Thursday, April 10, 2025. He is facing a four-count charge that centres on currency counterfeiting.

According to the EFCC’s Lagos Zonal Directorate 1, the defendant was found with 98 fake $50 United States dollar bills. The anti-graft agency claimed that in January 2025, Olanrewaju was caught with 21 counterfeit $50 notes, adding up to $1,050.

These notes reportedly bore different serial numbers, including MB61754676C, MB61754979C, and MB61753363C. In another count, he was said to have been in possession of an additional 26 counterfeit $50 bills, worth $1,300.

The total amount of fake currency allegedly found on him is $4,350.
The EFCC stated that Olanrewaju was fully aware that the notes were fake, which constitutes a breach of Section 5(1)(b) of the Counterfeit Currency (Special Provisions) Act, Cap C35, Laws of the Federation of Nigeria, 2024.

The offence is punishable under Section 5(2) of the same legislation. When the charges were read in court, Olanrewaju pleaded not guilty.

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Prosecuting counsel Zeenat Atiku then requested the court to fix a date for the commencement of trial and to remand the defendant in the custody of the Nigerian Correctional Service (NCS) until then.
The defence team, however, appealed for a short adjournment in order to prepare and file a formal bail application.

Justice Bogoro granted the prosecution’s request and set the trial date for June 9, 2025. He also ruled that the defendant be kept in the custody of the NCS until the trial begins. In a statement after the hearing, the EFCC reiterated its dedication to fighting financial crimes and protecting the integrity of Nigeria’s financial sector.

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