The Executive Chairman of the Economic and Financial Crimes Commission, Mr. Ola Olukoyede, has called on Nigerians to stop abusing the naira, warning that acts such as spraying and stamping on the national currency are not cultural practices but punishable offences under the law.
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Olukoyede made the remarks on Friday in Lagos during a stakeholders’ sensitisation programme.
Describing the naira as “a symbol of our sovereignty,” the EFCC boss expressed concern over the continued abuse of the currency, particularly at social gatherings where it is commonly sprayed, mutilated, or stamped.
“Nobody who works hard to earn money will go out and start throwing their hard-earned salary in the air,” he said, noting that such practices are both illegal and economically damaging.
He disclosed that the commission has intensified efforts to clamp down on unlicensed foreign exchange dealers and those found abusing the naira.
According to him, the EFCC is working closely with the Central Bank of Nigeria and has set up a dedicated task force on Dollarieation and Naira Abuse.
“There is nothing cultural about destroying our national currency,” Olukoyede stated firmly, dismissing the common argument that spraying money is part of Nigerian tradition.
He also addressed criticisms that the EFCC should focus on “high-profile crimes,” insisting that all violations of the law are taken seriously.
“An offence is an offence. Ignorance of the law is never an excuse. Some celebrities who are already facing prosecution can attest to the weight of the law,” he said.
Olukoyede stressed that under his leadership, the EFCC has adopted a more strategic approach that balances enforcement with economic recovery and support for legitimate businesses.
“Unlike in the past, companies under investigation are no longer summarily shut down, with operational protocols now designed to protect jobs and investments,” he explained.
He revealed that over N100bn in recovered proceeds of crime have been channeled to fund key social intervention programmes under the Tinubu administration. These include the Nigerian Education Loan Fund and the CrediCorp consumer credit scheme.
“These are not just headlines; they are real interventions funded by money recovered from corrupt individuals and organisations,” he said.
Olukoyede further cited a recovery from the Niger Delta Development Commission, which made possible the establishment of a skill acquisition centre and a liaison office in Bayelsa State.
Similarly, a property recovered from a former civil servant in Kaduna is now being used as the premises of the newly created Federal University of Applied Sciences, Kachia.
He said the EFCC is also collaborating with international partners in the restitution of stolen assets, and has repaid fraud victims in the United States, Spain, and Canada.
The commission’s enforcement efforts, he said, have led to several recent arrests.
In sting operations conducted in Lagos and Abuja, 792 suspects many allegedly linked to an international criminal ring were apprehended.
Of those arrested, more than 150 individuals, mostly Chinese nationals, have already been prosecuted.
Olukoyede also assured all that efforts to bring politically exposed persons to justice remain on track.
He revealed that four former governors and three ex-ministers are currently standing trial for various corruption-related offences.
As part of its preventive strategy, the EFCC has established a Department of Fraud Risk Assessment and Control to help stem financial crimes before they occur.
He also noted that the commission has stepped up its public engagement through its dedicated radio station, EFCC Radio 97.3 FM, and hosts weekly sensitization programmes on radio, television, and X Spaces (formerly Twitter).
“We all must lend our voices to this national campaign to restore the integrity of the naira. This fight is not for EFCC alone; it is a collective duty,” he urged
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