The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a stern warning to Nigerians over the abuse of the naira, describing it as a “punishable offence”. Olukoyede made this declaration on Friday in Lagos during a stakeholders’ sensitisation programme, where he expressed deep concern over persistent acts of naira abuse, including spraying, mutilation, and stamping, especially at social events.
The EFCC boss noted that such practices are not only illegal but also economically harmful, adding that “nobody who works hard to earn money will go out and start throwing their hard-earned salary in the air”. He dismissed public excuses that such actions are part of Nigerian tradition, stressing that “there is nothing cultural about destroying our national currency”.
To enforce compliance, the EFCC has established a ‘Task Force on Dollarisation and Naira Abuse’ in partnership with the Central Bank of Nigeria (CBN). Olukoyede revealed that enforcement efforts have been intensified against unlicensed forex dealers and naira abusers, and that some celebrities already facing prosecution can attest to the weight of the law.
The EFCC boss also highlighted the commission’s broader efforts to support economic recovery and protect legitimate businesses. He disclosed that over N100 billion in recovered proceeds of crime have been redirected to fund key social programmes, including the Nigerian Education Loan Fund (NELFund) and the CrediCorp consumer credit scheme.
Olukoyede also revealed that the commission has made landmark recoveries, including a significant recovery from the Niger Delta Development Commission (NDDC) that enabled the funding of a skill acquisition centre and a liaison office in Bayelsa State. He assured that the EFCC will not relent 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.
The EFCC boss called on Nigerians to join the commission in its efforts to restore the integrity of the naira, stressing that “this fight is not for EFCC alone; it is a collective duty”.