The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has issued a stern warning to Nigerians over the abuse of the naira, declaring that “spraying and stamping on naira notes is not culture, but a punishable offence.” He stated this on Friday in Lagos during a stakeholders’ sensitisation programme held at the Colonades Hotel, Ikoyi.
Speaking passionately, Olukoyede described the naira as “a symbol of our sovereignty” and expressed deep concern over persistent acts of abuse, including spraying, mutilation, and stamping, especially at social events.
“Nobody who works hard to earn money will go out and start throwing their hard-earned salary in the air,” he said, adding that such practices were both illegal and economically harmful.
The EFCC boss revealed that the Commission, working in partnership with the Central Bank of Nigeria (CBN), has established a Task Force on Dollarization and Naira Abuse, and is intensifying enforcement efforts against unlicensed forex dealers and naira abusers.
He dismissed public excuses that such actions are part of Nigerian tradition, stressing that “there is nothing cultural about destroying our national currency.”
Addressing criticisms that the Commission should focus more on so-called “high-profile crimes,” Olukoyede declared, “An offence is an offence. Ignorance of the law is never an excuse.”
He emphasised that some celebrities already facing prosecution can attest to the weight of the law.
The EFCC, he said, has gone beyond enforcement to embrace a strategy that supports economic recovery and protects legitimate businesses.
Unlike in the past, companies under investigation are no longer summarily shut down, with operational protocols now designed to protect jobs and investments.
According to him, over N100 billion in recovered proceeds of crime have been redirected to fund key social programmes under the Tinubu administration, including the Nigerian Education Loan Fund (NELFund) and the CrediCorp consumer credit scheme.
“These are not just headlines, they are real interventions funded by money recovered from corrupt individuals and organisations,” he said.
Olukoyede also highlighted a landmark recovery from the Niger Delta Development Commission (NDDC), which enabled the funding of a skill acquisition centre and a liaison office in Bayelsa State.
In Kaduna, a property recovered from a former civil servant is now home to the newly established Federal University of Applied Sciences, Kachia.
The EFCC, he said, is also collaborating with foreign governments in restituting stolen funds and has repaid fraud victims in the U.S., Spain, and Canada.
A particularly alarming revelation at the event was the emergence of foreign fraud syndicates operating in Nigeria. Olukoyede disclosed that recent sting operations in Lagos and Abuja led to the arrest of 792 suspects, many of whom were part of an international criminal ring. Over 150 individuals, mostly Chinese nationals, have already been prosecuted, he revealed.
He assured Nigerians that the Commission is not relenting in its efforts to prosecute politically exposed persons, revealing that four former governors and three ex-ministers are currently being tried for various corruption offences under his leadership.
To institutionalize prevention, Olukoyede announced the creation of a Department of Fraud Risk Assessment and Control (FRAC) within the EFCC.
The Commission also operates EFCC Radio 97.3FM and runs weekly sensitization programmes on radio, television, and X Spaces (formerly Twitter).
“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,” he added.
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