The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a compelling call to action, urging critical stakeholders in the country to join hands with the Commission in combating the widespread abuse and mutilation of the Nigerian Naira.
Speaking at a high-level engagement session organised by the Lagos Zonal Directorate 1 of the EFCC on Friday, Olukoyede addressed a diverse audience comprising movie producers, musicians, non-governmental organisations, media professionals, bureau de change operators, legal practitioners, security agencies, and other influential groups.
The event, part of the Commission’s broader sensitisation efforts, was convened in response to the alarming rise in cases of Naira abuse nationwide. Olukoyede stressed that the Naira represents more than just a medium of exchange—it is a symbol of Nigeria’s sovereignty, economic identity, and national pride.
“The Naira is a symbol of our sovereignty. How we treat it reflects how much we respect ourselves as a people,” he stated. He noted that the integrity of the currency directly impacts the country’s economic stability and international image.
Decrying the increasing trend of Naira abuse, especially at social gatherings where practices such as spraying, stamping, and tearing of banknotes are commonplace, the EFCC Chairman warned that these actions are criminal offences punishable under existing laws.
He dispelled the popular belief that spraying money at events is a cultural norm, saying, “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.”
According to him, the Central Bank of Nigeria (CBN) bears a significant financial burden in replacing defaced and mutilated banknotes, a situation that undermines the national economy.
Highlighting steps already taken, Olukoyede revealed that the EFCC, in partnership with the CBN, has ramped up public awareness campaigns and legal enforcement. These include the creation of a Task Force on Dollarisation and Naira Abuse, as well as the ongoing prosecution of offenders, including celebrities and public figures.
He called on entertainers, influencers, and stakeholders in the creative industry to leverage their vast platforms to promote responsible handling of the Naira. “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 urged. “We must all rise to defend the integrity of our currency.”
Reaffirming the EFCC’s commitment to supporting the economic reform agenda of President Bola Tinubu’s administration, Olukoyede disclosed that over N100 billion in recovered proceeds of crime have already been redirected into strategic national projects. These include social investment schemes like the National Education Loan Fund (NELFund) and the Consumer Credit Scheme (Credicorp), as well as physical infrastructure such as the Federal University of Applied Sciences, Kachia, developed from a confiscated property.
The Director General of the National Orientation Agency (NOA), Lanre Issa-Onilu, who also spoke at the event, praised the creative industry for its pivotal role in shaping public opinion and promoting national unity. He stressed the ethical and civic implications of Naira abuse.
“The abuse of the Naira is not only unlawful, it is unethical,” he said. “Our actions must align with the National Values Charter. Values must be our guide in everything we do.”
Issa-Onilu explained that the NOA’s current civic awareness campaigns—including multilingual media sensitisation, school outreach programmes, and market advocacy—are part of a national reawakening initiative. He also introduced the agency’s AI-powered civic assistant, CLHEEAN, available via www.noa.gov.ng, designed to educate Nigerians in real time about laws, responsibilities, and national values.
He appealed to traditional rulers, religious leaders, influencers, and especially the youth, to take the lead in restoring the nation’s value system and upholding the dignity of the Naira.
“This campaign must be national in scope but local in execution. Let us be the generation that made respect for our currency fashionable again,” Issa-Onilu declared.
Prominent figures from the entertainment and media industries were present to lend their support to the initiative. Notable attendees included King Alabi Pasuma, MI, Ill Bliss, Goretti, Osas Ighodaro, Pretty Mike, Terry Apala, Mercy Aigbe, Kazim Adeoti, Funke Bucknor-Obruthe, and Anto Lecky, among others.
The sensitisation campaign forms a critical part of the EFCC’s broader mission to preserve the sanctity of the Naira and uphold Nigeria’s economic and cultural values through public education, enforcement, and inter-agency collaboration.
