*Ola Olukoyede, Executive Chairman of Executive Chairman, Economic and Financial Crimes Commission, declares that spraying and stamping on the Naira, Nigeria’s currency, constitute a criminal offence in the country

Isola Moses | 绿帽献妻

The Executive Chairman, Economic and Financial Crimes Commission (EFCC) again, has warned Nigerians against Dollarisation and abuse of the Naira, the country’s currency and symbol of sovereignty.

Mr. Ola Olukoyede, Executive Chairman of EFCC, issues the warning Friday, July 18, 2025, at a stakeholders鈥� sensitisation programme, in Lagos.

Olukoyede described the Naira as Nigeria’s “symbol of sovereignty”.

绿帽献妻 gathered he also emphasised that spraying and stamping on the national currency is a criminal offence.

Such negative practices are not the West African country鈥檚 culture, the EFCC Executive Chairman averred.

The EFCC Chief as well expressed concern over the persistent abuse of the country鈥檚 currency at social events, particularly through spraying, mutilation and stamping.

He stated: 鈥淣obody who works hard to earn money will go out and start throwing their hard-earned salary in the air.”

EFCC, CBN set up taskforce Dollarisation, Naira abuse

In regard to addressing the Naira abuse in the system, the EFCC noted the current measures to enforce the law against unlicensed Foreign Exchange (Forex) dealers and currency abusers.

Olukoyede disclosed the anti-graft regulatory Commission, in partnership with the Central Bank of Nigeria (CBN) has set up a taskforce on Dollarisation and Naira Abuse.

He equally clarified that “there is nothing cultural about destroying our national currency.”

Olukoyede said arguments suggesting the Commission should focus only on high-profile financial crimes were misplaced.

The Executive Chairman said: 鈥淎n offence is an offence. Ignorance of the law is never an excuse.”

According to him, several celebrities facing prosecution could attest to the consequences of Naira abuse in the economy.

Insight into new approach beyond enforcement

Olukoyede said EFCC had adopted a new approach beyond enforcement, to protect jobs and investments, while promoting economic recovery.

The Executive Chairman noted the Commission no longer shuts down companies under investigation arbitrarily, but now follows operational protocols that safeguard legitimate businesses, agency report said.

According to him, over N100 billion in recovered proceeds of crime had been redirected into social intervention projects under the current administration, including the Nigerian Education Loan Fund and the CrediCorp Consumer Credit scheme.

鈥淭hese are not just headlines; they are real interventions funded by money recovered from corrupt individuals and organisations,鈥� he said.

Olukoyede disclosed that a landmark recovery from the Niger Delta Development Commission (NDDC) has enabled the establishment of a skill acquisition centre and a liaison office in Bayelsa.

Besides, a property the EFCC recovered from a former civil servant in Kaduna had been converted into the newly established Federal University of Applied Sciences, Kachia, in the state.

The EFCC Chairman revealed that the Commission was collaborating with foreign governments to recover and restitute stolen assets.

Hitherto, the Commission has repaid fraud victims in the US, Spain and Canada.

He further recalled a recent sting operations in Lagos and Abuja, FCT, that led to the arrest of 792 suspects, involved in an international criminal ring, with over 150 Chinese nationals among those prosecuted.

The EFCC Chief assured Nigerians that politically exposed persons were not exempted from prosecution.

Olukoyede affirmed that four former State Governors and three ex-Ministers, were currently being tried for corruption-related offences.

To strengthen prevention mechanisms, he announced the creation of a Department of Fraud Risk Assessment and Control within the EFCC.

The Commission, he stated, ran an EFCC Radio 97.3FM, and held weekly sensitisation programmes on radio, television and social media platforms.

Olukoyede said: 鈥淲e all must lend our voices to this national campaign to restore the integrity of the Naira.

“This fight is not for the EFCC alone; it is a collective duty.”

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