The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has reiterated the Commission’s zero-tolerance stance on naira abuse, warning that violations will be met with stiff legal consequences, regardless of social status or cultural excuses.
Speaking at a Stakeholders Sensitization Programme on Naira Abuse held at the Colonades Hotel, Ikoyi, Lagos, the EFCC boss emphasized that the naira is more than a medium of exchange—it is a symbol of Nigeria’s sovereignty and a critical element of its economic stability.
The event was organised for entertainers, actors, influencers, event venue owners, Bureau De Change (BDC) operators, financial sector representaitives, and had in attendance Wasiu Alabi (Pasuma), Mercy Aigbe, Hafeez Adetoro (Saka), members of security agencies and the general public.
“There is nothing cultural about spraying, stamping, or throwing the naira in the air at social events,” he said. “No one who genuinely earned their money will subject it to such treatment. This despicable practice is not tolerated anywhere in the world, and it will not be condoned in Nigeria.”
He noted that the EFCC, in partnership with the Central Bank of Nigeria (CBN), has taken decisive steps over the past year to restore the integrity of the naira. These include the establishment of a Task Force on Dollarization and Naira Abuse, a clampdown on unlicensed forex traders, and robust public enlightenment campaigns.
Despite modest improvements in public awareness, the EFCC Chairman said widespread misconceptions persist, especially regarding claims that spraying money is part of Nigerian culture. “Ignorance of the law is no excuse,” he asserted, adding that several celebrities have already been prosecuted to underscore the seriousness of the offence.
He appealed to entertainers and influencers to become ambassadors for the campaign. “Next time you mount that stage to perform, let your message to your fans be: ‘Don’t spray or stamp on the naira—it’s a criminal offence.’”
On the broader fight against corruption, the EFCC Chairman highlighted the Commission’s strategic shift under his leadership to support the economic recovery agenda of the President Bola Ahmed Tinubu administration. He cited reforms aimed at protecting businesses under investigation and recovering stolen assets for reinvestment in national development.
According to him, ₦100 billion in recovered proceeds of crime have been committed to the Students Loan Fund (Nelfund) and the Consumer Credit Scheme (Credicorp)—two flagship initiatives of the current administration. He also noted that funds recovered for the Niger Delta Development Commission (NDDC) were used to complete a skill acquisition centre and liaison office in Bayelsa State.
In the Northwest, a property recovered from a former civil servant now houses the Federal University of Applied Sciences, Kachia, Kaduna State.
The EFCC boss further disclosed growing concern over a new wave of cybercrime driven by foreign fraud syndicates operating in Nigeria. “In Lagos alone, we arrested 792 suspects, most of them Chinese nationals, and have successfully prosecuted over 150,” he revealed.
He assured stakeholders of the Commission’s relentless pursuit of politically exposed persons involved in corruption. “We currently have four former governors and three former ministers under prosecution,” he stated.
In a bid to tackle corruption proactively, the EFCC has also established a Department of Fraud Risk Assessment and Control (FRAC), while expanding public sensitization through radio, television, and digital platforms, including a weekly town hall on X Spaces.
For Lagos residents unable to access the Commission’s Abuja-based EFCC Radio 97.3 FM, he encouraged streaming online via the EFCC website.
The Chairman concluded by expressing appreciation to stakeholders in attendance and called for collective action in the fight against corruption. “We will continue to engage with you until we achieve the ultimate goal of a corruption-free Nigeria,” he said.
