Lagos: The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has reiterated warnings to Nigerians regarding the abuse of the Naira. Speaking at a stakeholders’ sensitisation event in Lagos, Olukoyede emphasized that the Naira is a symbol of sovereignty and that actions such as spraying and stamping on the currency constitute criminal offences, contrary to cultural practices.
According to News Agency of Nigeria, Olukoyede expressed concern over the persistent misuse of the currency at social events, highlighting activities such as spraying, mutilation, and stamping. He noted that those who truly value their earnings would not engage in such behaviors. To combat this, the EFCC, in conjunction with the Central Bank of Nigeria, has established a Task Force on Dollarisation and Naira Abuse aimed at enforcing laws against unlicensed foreign exchange dealers and currency abusers.
Olukoyede addressed criticisms suggesting the EFCC should focus solely on high-profile financial crimes, affirming that all offences, regardless of scale, are significant. He pointed to the prosecution of several celebrities as evidence of the consequences of naira abuse. The EFCC chairman also outlined the commission’s new approach, which balances enforcement with the protection of jobs and investments to promote economic recovery. This includes not arbitrarily shutting down businesses under investigation and redirecting over N100 billion in recovered crime proceeds to social intervention projects.
Significant achievements were highlighted, such as the recovery of funds from the Niger Delta Development Commission, enabling the creation of a skill acquisition centre and a liaison office in Bayelsa. Similarly, a property recovered from a former civil servant in Kaduna has become the Federal University of Applied Sciences, Kachia. The EFCC is also working with foreign governments to retrieve stolen assets and has made restitution to fraud victims in the U.S., Spain, and Canada.
Recent operations in Lagos and Abuja resulted in the arrest of 792 suspects involved in an international criminal ring, with over 150 Chinese nationals prosecuted. Olukoyede assured that politically exposed individuals are not immune from prosecution, citing ongoing trials for four former governors and three ex-ministers. To enhance prevention, a Department of Fraud Risk Assessment and Control has been established. The EFCC also engages in public awareness through EFCC Radio 97.3FM and various media platforms.
Olukoyede concluded by calling for national support to restore the naira’s integrity, affirming that the fight against naira abuse is a shared responsibility.