The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has rallied major players in Nigeria’s entertainment, financial, legal, and media sectors to take an active role in curbing the growing trend of Naira abuse across the country.
Speaking at a sensitisation programme hosted by the Lagos Zonal Directorate 1 of the EFCC on Friday, July 18, 2025, Olukoyede emphasized the urgent need to safeguard the integrity of the national currency, describing the Naira as more than a means of exchange but a powerful emblem of Nigeria’s sovereignty.
“The Naira is a symbol of our sovereignty. How we treat it reflects how much we respect ourselves as a people,” he said.
The EFCC boss expressed concern over the increasing acts of Naira spraying, mutilation, and stamping at public events, warning that these actions are criminal under the Central Bank of Nigeria Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
He pointed out that the event was part of ongoing efforts by the Commission and the Central Bank of Nigeria to address the trend through intensified public education and enforcement. “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, noting the prosecution of offenders, including public figures.
Dismissing the notion that spraying cash is a cultural norm, Olukoyede remarked, “As a salary earner myself, 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 encouraged creatives to use their platforms to influence behaviour positively. “In every performance, let one of your opening lines be a reminder to your fans that spraying or stamping on the Naira is a crime,” he said.
Olukoyede also reaffirmed the EFCC’s commitment to supporting President Bola Tinubu’s economic reform agenda. He disclosed that over N100 billion recovered from corruption cases has been allocated to initiatives like the National Education Loan Fund (NELFund) and the Consumer Credit Scheme (Credicorp).
He cited specific examples where confiscated assets were converted for national development, including a skill acquisition centre for the Niger Delta Development Commission in Bayelsa and the transformation of a seized property in Kaduna into the Federal University of Applied Sciences, Kachia.
Also addressing the gathering, the Director General of the National Orientation Agency (NOA), Lanre Issa-Onilu, called on Nigerians to see the abuse of the Naira as both unlawful and unethical.
“The Naira is not confetti. It is not an accessory for prestige. It is a national asset that demands respect. When you honour the Naira, you honour Nigeria,” he said.
Issa-Onilu urged entertainers and influencers to promote national values and civic responsibility, stating that the NOA’s advocacy aligns with the Nigerian Identity Project and the National Values Charter. He highlighted the agency’s outreach through schools, markets, and its AI-powered assistant, CLHEEAN.
He concluded by appealing to youth, community leaders, and religious groups to localise the campaign against Naira abuse. “This campaign must be national in scope but local in execution. Everyone has a role to play in restoring the dignity of the Naira.”
The event drew participation from top names in the entertainment industry, including King Alabi Pasuma, MI, Ill Bliss Goretti, Osas Ighodaro, Pretty Mike, Terry Apala, Mercy Aigbe, Kazim Adeoti, Funke Bucknor-Obruthe, and Anto Lecky.
