The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has issued a strong warning against the abuse of Nigeria’s currency, declaring that the spraying, stamping, and mutilation of naira notes are criminal offences, not cultural expressions.
Olukoyede made this statement on Friday during a stakeholders’ sensitisation programme organised by the Commission at the Colonades Hotel, Ikoyi, Lagos.
Describing the naira as “a symbol of our sovereignty,” Olukoyede decried the rampant abuse of the currency during social events, especially weddings and parties.
“Nobody who works hard to earn money will go out and start throwing their hard-earned salary in the air,” he said.
He disclosed that the EFCC, in partnership with the Central Bank of Nigeria (CBN), has launched a special Task Force on Dollarisation and Naira Abuse.
The new task force, he said, is focused on prosecuting not only those who abuse the naira but also unlicensed forex dealers aiding the illegal trade in foreign currencies.
“There is nothing cultural about destroying our national currency,” Olukoyede stated, responding to widespread claims that the practice of spraying money is a traditional norm.
Defending the EFCC’s broadened focus beyond high-profile corruption cases, Olukoyede noted: “An offence is an offence. Ignorance of the law is never an excuse.”
He added that several celebrities are already facing prosecution for defacing and mishandling the currency.
Highlighting changes in the Commission’s approach, the EFCC boss revealed that the agency no longer arbitrarily shuts down businesses under investigation.
Instead, he said, new operational protocols are in place to protect jobs and ensure economic continuity during probes.
Olukoyede also disclosed that more than N100 billion in looted funds have been recovered and repurposed to support President Bola Tinubu’s administration’s social programmes, including the Nigerian Education Loan Fund (NELFund) and the CrediCorp consumer credit initiative.
“These are not just headlines,” he said. “They are real interventions funded by money recovered from corrupt individuals and organisations,” the EFCC Chairman added.
According to him, recovered funds from the Niger Delta Development Commission (NDDC) financed a skill acquisition centre and liaison office in Bayelsa State, while a confiscated property in Kaduna has been converted into the newly established Federal University of Applied Sciences in Kachia.
On the international front, Olukoyede revealed that the EFCC has worked with foreign governments to return stolen funds to victims in the United States, Spain, and Canada.
He further sounded the alarm over the activities of international fraud syndicates operating in Nigeria, adding that recent sting operations in Lagos and Abuja led to the arrest of 792 suspects, with over 150 individuals, mainly Chinese nationals, already prosecuted.
The EFCC, he said, remains committed to prosecuting politically exposed persons, confirming that four former governors and three ex-ministers are currently standing trial for corruption-related offences.
“To bolster prevention efforts, the Commission has established a Department of Fraud Risk Assessment and Control (FRAC) and continues public sensitisation via EFCC Radio 97.3FM and other media platforms.
“We all must lend our voices to this national campaign to restore the integrity of the naira. This fight is not for EFCC alone—it is a collective duty,” Olukoyede concluded.
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