EFCC Boss Declares War on Naira Abuse, Says ‘Spraying Money Is Criminal, Not Culture’

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has sternly warned Nigerians against abusing the naira, declaring that acts like spraying or stamping on the currency at public events are not cultural expressions but criminal offences. Speaking during a stakeholder sensitization session in Lagos, Olukoyede emphasized that the naira represents Nigeria’s sovereignty and must be treated with dignity.

According to iReporter Online, the EFCC chairman expressed grave concern about the persistent abuse of the national currency, particularly at social events where it is frequently tossed, defaced, or mutilated. He remarked that no truly hardworking individual would throw money in the air, describing such behavior as both unlawful and economically irresponsible. Olukoyede disclosed that the Commission is already clamping down on unlicensed foreign exchange dealers and perpetrators of naira abuse, in collaboration with the Central Bank of Nigeria. He announced the formation of a dedicated Task Force on Dollarization and Naira Abuse to intensify enforcement.

Firmly rejecting the widely held belief that spraying money at parties is a cultural norm, he stated that there is nothing traditional about the destruction of the national currency. Addressing critics who argue that the EFCC should focus solely on high-profile corruption cases, Olukoyede insisted that every breach of the law, regardless of scale, deserves attention. “An offence is an offence. Ignorance of the law is never a defence,” he stated, adding that some celebrities are already facing prosecution to demonstrate the agency’s resolve.

According to iReporter Online, the EFCC under Olukoyede’s leadership has adopted a more strategic approach, emphasizing economic recovery and the protection of legitimate businesses. Companies under investigation are now handled with protocols that ensure jobs and investments are preserved, instead of being abruptly shut down. The EFCC boss further revealed that over ₦100 billion in recovered funds have been redirected into key social intervention schemes under the Tinubu administration, including the Nigerian Education Loan Fund and the CrediCorp consumer credit scheme. He stressed that these recoveries are not just headlines but real financial lifelines for Nigerians, made possible by the Commission’s anti-corruption drive.

He cited examples of recovered assets being repurposed for national development. A property confiscated from a former civil servant in Kaduna now serves as the premises for the Federal University of Applied Sciences in Kachia, while funds reclaimed from the Niger Delta Development Commission enabled the creation of a skill acquisition centre and liaison office in Bayelsa State.

According to iReporter Online, the EFCC is also working with international partners to return stolen assets and compensate victims abroad. Funds have been returned to fraud victims in countries including the United States, Canada, and Spain. Domestically, recent sting operations in Abuja and Lagos led to the arrest of 792 suspects, many of whom were reportedly tied to an international criminal network. Of these, over 150 individuals—primarily Chinese nationals—have already been prosecuted.

Olukoyede confirmed that the Commission remains committed to prosecuting politically exposed persons, disclosing that four former governors and three former ministers are currently facing trial for corruption-related offences. In a preventive move, the EFCC has launched a Department of Fraud Risk Assessment and Control to detect and block financial crimes before they occur.

The agency has also stepped up public engagement, operating EFCC Radio 97.3 FM and airing weekly anti-corruption programmes across TV, radio, and X Spaces (formerly Twitter). Urging nationwide participation in the campaign to restore respect for the naira, Olukoyede concluded, “This fight is not for the EFCC alone. It is a collective responsibility to protect the integrity of our national currency.”