The Economic and Financial Crimes Commission (EFCC) has intensified its crackdown on the abuse and mutilation of the Naira, describing the act as a crime against Nigeria’s sovereignty and dignity.

Chairman of the Commission, Ola Olukoyede, who disclosed this in Lagos on Friday during a sensitisation programme for movie producers, musicians, and bureau de change operators, said entertainers must begin to lead by example in respecting the nation’s currency.

“The Naira is a symbol of our sovereignty. How we treat it reflects how much we respect ourselves as a people,” Olukoyede said.

He condemned the widespread spraying, stamping, and mutilation of the Naira at social functions, stating that past efforts to curb the practice have not achieved the desired impact.

“Over the past year, the EFCC, in collaboration with the Central Bank of Nigeria (CBN), has intensified enforcement and public awareness campaigns to combat Naira abuse.

“These efforts include the establishment of a Task Force on Dollarisation and Naira Abuse, as well as the prosecution of offenders, including public figures and celebrities,” he added.

Nigerian governor arrested in London

The EFCC boss also recalled a bizarre incident involving a former Nigerian governor who, while fleeing EFCC arrest, was caught spraying pounds sterling at his birthday party in a London hotel.

“This governor was investigated while he was in office. Immediately he finished his tenure, the following day, he took off to England to avoid arrest by EFCC,” he said.

“Coincidentally, that week happened to be his birthday. He organised a birthday party in the hotel where he was staying. While the party was going on, he started spraying pounds, £50 bills and £10 bills.

“So the manager of the hotel was called. He came down and saw the former governor spraying pounds. He had never seen such a thing in his life, so he had to call 911.

“When the Metropolitan Police came, he asked that they should help arrest the former governor. The ex-governor was arrested and they wanted to put him in an ambulance.

“The people, his friends, colleagues and two governors, who went to London to celebrate with him had to intervene. They said the ex-governor was not a mad man, because the hotel manager thought he was mad.”

Olukoyede further revealed that 18 serving governors are currently under EFCC investigation, though no names were disclosed.

“As I am talking to you, I am investigating about 18 governors who are still serving. When they leave (office), we will go to the next level,” he said.

A call for collaboration

While calling for collaboration with the media, legal professionals, entertainment industry players, and financial institutions, Olukoyede said entertainers must use their platforms to discourage naira abuse.

“In every performance, let one of your opening lines be a reminder to your fans that spraying or stamping on the Naira is a crime. We must all rise to defend the integrity of our currency,” he said.

He noted that naira abuse comes with huge economic consequences, as the CBN spends significant funds replacing defaced notes.

“An offence is an offence, and ignorance of the law is no excuse. Being a criminal offence under the CBN Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Naira abuse imposes a heavy financial burden on the Central Bank,” he said.

Olukoyede also stated that over N100 billion in recovered proceeds of crime has been committed to the National Education Loan Fund (NELFund) and the Consumer Credit Scheme (Credicorp), among other social investment programmes.

He revealed that confiscated assets have also been deployed to fund a skill acquisition centre and liaison office for the NDDC in Bayelsa State, while a seized property in Kaduna State has been converted to the Federal University of Applied Sciences, Kachia.

NOA boss remarks

Director General of the National Orientation Agency (NOA), Mallam Lanre Isa-Onilu, who also spoke at the event, described naira abuse as unethical and unpatriotic.

“The Naira is not confetti. It is not an accessory for prestige. It is a national asset that demands respect. When you honour the Naira, you honour Nigeria,” he said.

“As citizens, we must embody civic responsibility and national cohesion. Our actions must align with the National Values Charter. Values must be our guide in everything we do.”

Meanwhile, EFCC legal authority to investigate sitting governors has been reaffirmed by a recent Supreme Court ruling delivered on November 15, 2024.

Court victory 

In a landmark judgment, the apex court dismissed a suit filed by 19 governors challenging the constitutionality of the laws establishing the EFCC, the Independent Corrupt Practices and Other Related Offences Commission, and the Nigerian Financial Intelligence Unit.

The court held that the laws establishing the anti-corruption agencies were validly enacted by the National Assembly and binding on all states.

“All laws competently enacted by the National Assembly, including those establishing the EFCC and NFIU, are binding on all states. States cannot enact competing legislation in areas already legislated by the federal government,” Justice Uwani Abba-Aji ruled.

Strength against anti-graft war

Olukoyede said the judgment had further strengthened the Commission’s hand in the anti-graft war.

“We are more solid now than ever before… 19 governors took us to court. They went to court and the judgment that was given makes us stronger than ever before,” he said.

“The Supreme Court Justices gave it to them, reminded them that the Supreme Court has spoken on this matter and given judgment. So why are you wasting your states’ resources on it? Why are you wasting the time of this court by bringing this application to us again?

“Number one, they said that the EFCC has power over federal agencies, state agencies and local government agencies.

“Number two, they said where the EFCC is working, it has the right to cover the field. It is what we call the doctrine of covering the field in Nigeria… wherever the EFCC is operating, state or local government agencies don’t even have the power to meddle.

“So, I have told my men that the ball is in our court, now. You can investigate even a serving governor. The only thing you can’t do is prosecute. You have to wait until they leave office when they don’t have immunity anymore.”

Olukoyede warned those hiding under political cover to evade justice to desist, saying, “The Supreme Court has spoken, and it has a big impact. We are going out to work without any further inhibition.”