Justice Yellin Bogoro of the Federal High Court in Ikoyi, Lagos, has ordered the remand of one Moshood Mustapha Olanrewaju in the custody of the Nigerian Correctional Service following his arraignment on charges of currency counterfeiting.
Olanrewaju was arraigned by the Economic and Financial Crimes Commission (EFCC) on April 10, 2025, on a four-count charge bordering on alleged possession of counterfeit United States currency totaling $4,350.
He is accused of knowingly possessing fake $50 banknotes in multiple batches, with each note bearing distinct serial numbers.
According to the EFCC, the offenses were committed in January 2025 within Lagos State.
One of the charges detailed that Olanrewaju was found with 21 pieces of counterfeit $50 bills, totaling $1,050. Another charge accused him of possessing an additional 26 counterfeit notes valued at $1,300.
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The counterfeit notes were said to bear a range of serial numbers, suggesting a deliberate pattern.
The offences contravene Section 5(1)(b) and are punishable under Section 5(2) of the Counterfeit Currency (Special Provisions) Act, Cap C35, Laws of the Federation of Nigeria, 2024.
Olanrewaju pleaded not guilty to all charges when read to him in court.
Following his plea, prosecution counsel Zeenat Atiku requested a trial date and urged the court to remand the defendant in correctional custody pending the commencement of trial.
In response, the defence counsel appealed for a short adjournment to enable the filing of a bail application on behalf of the defendant.
Justice Bogoro granted the prosecution’s request, remanding Olanrewaju and adjourning the case to **June 9, 2025**, for the commencement of trial.
