Olukoyede to musicians: Remind your fans that spraying naira is a crime

Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), has called on stakeholders to join hands with the agency in tackling the menace of naira abuse.

Olukoyede spoke in Lagos on Friday during a sensitisation programme with movie producers, musicians, non-governmental organisations, media, bureau de change operators, and legal practitioners.

The EFCC chairman said the naira is not just a means of exchange but a profound symbol of national sovereignty and pride.

He also said the naira’s value and integrity directly impact Nigeria’s economic stability and national image.

“The naira is a symbol of our sovereignty. How we treat it reflects how much we respect ourselves as a people,” Olukoyede said.

He also decried the rampant abuse of the naira at social functions through practices such as spraying, stamping, and mutilation.

“Over the past year, the EFCC, in collaboration with the Central Bank of Nigeria (CBN), has intensified enforcement and public awareness campaigns to combat naira abuse,” he said.

“These efforts include the establishment of a task force on dollarisation and naira abuse, as well as the prosecution of offenders, including public figures and celebrities.”

Olukoyede also dismissed the widespread belief that spraying naira, especially at social events, “is a cultural practice”.

“As a salary earner, it is unimaginable for me to throw my hard-earned income into the air. An offence is an offence, and ignorance of the law is no excuse,” he said.

“A criminal offence under the CBN Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, naira abuse imposes a heavy financial burden on the Central Bank, which expends substantial resources replacing defaced or mutilated notes.”

He urged entertainers, influencers, and stakeholders in the creative industry to leverage their platforms to promote the proper handling of the national currency.

“In every performance, let one of your opening lines remind your fans that spraying or stamping on the naira is a crime. We must all rise to defend the integrity of our currency,” he said.

Olukoyede said the N100 billion recovered proceeds of crime had already been committed to flagship social investment initiatives such as the National Education Loan Fund (NELFund) and the Consumer Credit Scheme (Credicorp).

He cited cases where recovered assets were used to fund development projects such as the skill acquisition centre and liaison office for the NDDC in Bayelsa and the transformation of a confiscated property in Kaduna into the Federal University of Applied Sciences, Kachia.

Lanre Issa-Onilu, director general of the National Orientation Agency (NOA), commended the creative industry for its immense contributions to national development.

Issa-Onilu also called on stakeholders in the sector to recognise and take pride in their far-reaching impact on the nation’s image and values.

“The abuse of the naira is not only unlawful, it is unethical,” he said.

“As citizens, we must embody civic responsibility and national cohesion. Our actions must align with the National Values Charter. Values must be our guide in everything we do.”