Olukoyede Rallies Entertainers, BDC Operators, NGOs, Media against Naira Abuse In Lagos
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has called on critical stakeholders in the anti-graft war to join hands with the Commission in tackling the menace of Naira abuse in the country.
He made the appeal on Friday, July 18, 2025 2021 during an engagement with critical stakeholders comprising movie producers, musicians, non-governmental organizations, media, bureau de change operators and legal practitioners, among others
He said the sensitization programme organized by the Lagos Zonal Directorate 1 of the EFCC, was a fallout of the increasing spate of Naira mutilation and abuse in the country.
The EFCC boss described the Naira as not just a means of exchange, but a profound symbol of national sovereignty and pride.
While emphasizing that the value and integrity of the Naira directly impacts Nigeria’s economic stability and national image, he said: “The Naira is a symbol of our sovereignty. How we treat it reflects how much we respect ourselves as a people”
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. These efforts include the establishment of a Task Force on Dollarization and Naira Abuse, as well as the prosecution of offenders, including public figures and celebrities,” he said.
Olukoyede also dismissed the popular belief that spraying Naira, especially at social events, “is a cultural practice”.
According to him, “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 said.
“Being 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, therefore, urged entertainers, influencers, and stakeholders in the creative industry to leverage their platforms to promote the proper handling of the national currency, adding that “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. We must all rise to defend the integrity of our currency.”
The anti-graft Czar also used the opportunity the reaffirm the EFCC’s unwavering commitment to continually support the economic reform agenda of the Bola Tinubu administration through strategic enforcement, responsible asset recovery, and public enlightenment.
Speaking further, he revealed that the sum of N100BN in 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.
Also speaking, the Director General of the National Orientation Agency, NOA, Lanre Issa-Onilu, commended the creative industry for its immense contributions to national development.
He also urged stakeholders in the sector to recognize and take pride in their far-reaching impact on the nation’s image and values.
According to him, “The abuse of the Naira is not only unlawful, it is unethical. 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.”
Issa-Onilu said the NOA’s intervention aligns with its core mission under the Nigerian Identity Project (NIP) and the National Values Charter, both of which promote civic responsibility, patriotism, and respect for national symbols.
“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,” Issa-Onilu stated.
He further affirmed that the NOA is committed to a national reawakening and behavioural change campaign.
According to him, “Ongoing efforts include multilingual media sensitisation, school outreach, market advocacy, and the deployment of the agency’s AI-powered voice/chat assistant CLHEEAN, which provides real-time civic information on crime, abuse, health, and patriotism via www.noa.gov.ng.”
Calling on traditional leaders, religious institutions, influencers, market unions, and especially the youth to become champions of national values, the DG emphasized that “This campaign must be national in scope but local in execution. Everyone has a role to play in restoring the dignity of the Naira. Let us be the generation that made respect for our currency fashionable again.”
The sensitization programme, which brought together key players from the entertainment, financial, and regulatory sectors, is part of the Commission’s broader campaign to preserve the dignity of the Naira and uphold Nigeria’s economic values.
Some entertainers, movie producers and directors at the event include, King Alabi Pasuma, MI, ill Bliss Goretti, Osas Ighodaro, Pretty Mike, Terry Apala, Mercy Aigbe, Kazim Adeoti, Funke Bucknor-Obruthe, Anto Lecky, among others
