EFCC Rallies Lagos Stakeholders Against Naira Abuse

Lagos, Nigeria – The Economic and Financial Crimes Commission (EFCC) is intensifying its fight against naira abuse, with Executive Chairman Mr. Ola Olukoyede calling on various critical stakeholders in Lagos to join the effort.

On Friday, July 18, 2025, during a sensitization program organized by the EFCC’s Lagos Zonal Directorate, Olukoyede engaged with a diverse group including movie producers, musicians, non-governmental organizations, media representatives, bureau de change operators, and legal practitioners. The program was prompted by the increasing trend of naira mutilation and abuse across the country.

Mr. Olukoyede emphasized that the naira is more than just currency; it’s a vital symbol of national sovereignty and pride. He stressed that its integrity directly impacts Nigeria’s economic stability and international image. “The Naira is a symbol of our sovereignty. How we treat it reflects how much we respect ourselves as a people,” he stated.

He specifically decried practices like spraying, stamping, and mutilation of the naira at social functions, dismissing the popular notion that spraying naira is a cultural practice. “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 added.

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Olukoyede highlighted that naira abuse is a criminal offense under the CBN Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, imposing a significant financial burden on the Central Bank due to the cost of replacing damaged notes.

He urged entertainers, influencers, and creative industry stakeholders to use their platforms to promote proper handling of the national currency. “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 EFCC boss also reiterated the commission’s commitment to supporting the Bola Tinubu administration’s economic reform agenda. He disclosed that N100 billion in recovered proceeds of crime has already been allocated to initiatives such as the National Education Loan Fund (NELFund) and the Consumer Credit Scheme (Credicorp). He cited examples where recovered assets were used to fund development projects, including a skill acquisition center 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 at the event, the Director General of the National Orientation Agency (NOA), Lanre Issa-Onilu, commended the creative industry and urged them to recognize their profound impact on the nation’s image. He stated that naira abuse is not only unlawful but also unethical, emphasizing that “As citizens, we must embody civic responsibility and national cohesion. Our actions must align with the National Values Charter.”

Issa-Onilu affirmed the NOA’s commitment to a national reawakening and behavioral change campaign, including multilingual media sensitization, school outreach, and the use of their AI-powered assistant, CLHEEAN. He concluded by calling on traditional leaders, religious institutions, influencers, market unions, and the youth to champion national values, asserting, “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.”

The event saw the presence of notable entertainers and public figures, including King Alabi Pasuma, MI, Ill Bliss Goretti, Osas Ighodaro, Pretty Mike, Terry Apala, Mercy Aigbe, Kazim Adeoti, Funke Bucknor-Obruthe, and Anto Lecky.