Olukoyede Reiterates Warning Against Naira Abuse, Says Spraying Money Is A Crime, Not Culture

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on Nigerians to stop abusing the naira, stressing that acts such as spraying or stepping on the currency are not part of Nigerian culture but are criminal offences punishable by law.

Speaking on Friday at a stakeholders’ sensitisation programme in Lagos, Olukoyede described the naira as “a symbol of our sovereignty” and decried its continued abuse at social events where it is often sprayed, stamped, or mutilated.

“Nobody who works hard to earn money will go out and start throwing their hard-earned salary in the air,” he said, emphasizing that such actions are illegal and harmful to the economy.

He revealed that the EFCC has intensified its clampdown on unlicensed foreign exchange dealers and naira abusers. A task force on Dollarisation and Naira Abuse has also been established in collaboration with the Central Bank of Nigeria.

“There is nothing cultural about destroying our national currency,” Olukoyede declared, dismissing the notion that spraying money is a traditional practice.

Responding to critics who argue that the EFCC should focus only on high-profile cases, he stated, “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.”

Olukoyede also said the EFCC under his leadership has adopted a more strategic approach, balancing enforcement with economic recovery. He noted that companies under investigation are no longer arbitrarily shut down, with new protocols in place to protect jobs and investments.

He disclosed that over N100 billion in recovered proceeds of crime have been channeled into key social intervention programmes under the Tinubu administration, including 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 highlighted other recoveries, such as a property from a former civil servant in Kaduna now serving as the Federal University of Applied Sciences, Kachia, and funds from the Niger Delta Development Commission used to build a skill acquisition centre in Bayelsa.

He also noted that the EFCC is working with international partners to return stolen assets, with several fraud victims in the U.S., Spain, and Canada already compensated.

Enforcement operations in Lagos and Abuja recently led to the arrest of 792 suspects, including members of an alleged international criminal ring. Over 150 Chinese nationals have already been prosecuted.

Olukoyede added that four former governors and three ex-ministers are currently on trial for corruption, reaffirming the commission’s resolve to bring politically exposed persons to justice.

As part of its preventive efforts, the EFCC has created a Department of Fraud Risk Assessment and Control and expanded its public outreach through EFCC Radio 97.3 FM, TV, and social media platforms.

“This fight is not for EFCC alone; it is a collective duty,” he said, urging Nigerians to join the campaign to restore the integrity of the naira.