Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on Nigerians to stop abusing the naira, stressing that acts such as spraying and stamping money are illegal and violate national values.
Speaking during a stakeholder sensitization forum in Lagos on Friday, Olukoyede described the naira as a vital symbol of Nigeria’s sovereignty and decried the growing trend of defacing it at parties and social gatherings.
“No one who truly earns their money throws it into the air,” he stated. “Spraying or stamping currency is not a cultural tradition it is a punishable offence under the law.”
He revealed that the EFCC, in partnership with the Central Bank of Nigeria, has established a special task force targeting naira abuse and the unauthorized trading of foreign currencies. He emphasized that enforcement efforts are ramping up nationwide.
Responding to criticism that the EFCC should limit its focus to high-profile crimes, Olukoyede was firm: “An offence is an offence. The law does not excuse ignorance. Some celebrities currently being prosecuted are learning this the hard way.”
The EFCC chairman also outlined reforms within the commission, noting a shift towards smarter enforcement strategies that prioritize economic stability. Businesses under investigation, he said, are no longer shut down immediately, in a bid to preserve jobs and investor confidence.
Olukoyede highlighted that over ₦100 billion in recovered funds have already been channeled into federal social programmes such as the Nigerian Education Loan Fund and the CrediCorp credit initiative under President Tinubu’s administration.
“These recoveries are not just statistics they’ve made a real difference,” he said, pointing to specific examples like a recovered Niger Delta Development Commission fund used to build a skills centre in Bayelsa, and a seized property in Kaduna now serving as the Federal University of Applied Sciences, Kachia.
He also noted the EFCC’s collaboration with international partners to repatriate stolen assets and return funds to victims abroad, including in the United States, Spain, and Canada.
Recent joint operations in Lagos and Abuja have resulted in the arrest of 792 suspects linked to a global fraud network. More than 150 Chinese nationals have already been prosecuted, he said.
On high-level corruption, Olukoyede confirmed that trials are ongoing for four former governors and three ex-ministers.
To tackle financial crime at its roots, he announced the creation of a Department of Fraud Risk Assessment and Control, as well as expanded public education efforts via the newly launched EFCC Radio 97.3 FM and outreach across radio, TV, and digital platforms.
“The fight against naira abuse and economic crimes is not EFCC’s alone. It’s a collective duty we all share,” he concluded.
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