Olukoyede Rallies Entertainers, BDC Operators, NGOs, Media against Naira Abuse

Olukoyede Rallies Entertainers, BDC Operators, NGOs, Media against Naira Abuse in Lagos


Mr. Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has called for a collective effort from various stakeholders including movie producers, musicians, non-governmental organizations (NGOs), media, bureau de change operators, and legal practitioners to combat the issue of Naira abuse in Nigeria.

The sensitization program was organized by the Lagos Zonal Directorate 1 of the EFCC due to the growing concern over the mishandling and degradation of the national currency. Olukoyede emphasized the importance of the Naira as a symbol of national sovereignty and pride, stating that how it is treated reflects the respect of the nation's citizens. He deplored the common practice of Naira abuse at social functions, such as spraying, stamping, and mutilation, and clarified that it is a criminal offense under the Central Bank of Nigeria (CBN) Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.

The EFCC chair called on entertainers and influencers to use their platforms to educate fans about the illegality of these practices and encourage the proper handling of the currency. He highlighted the economic burden such abuse places on the CBN, which must spend resources to replace damaged notes. Olukoyede also reiterated the EFCC's commitment to supporting economic reforms through asset recovery and public enlightenment, with N100 billion in recovered funds already allocated to programs like NELFund and Credicorp, as well as the repurposing of confiscated properties for public benefit, such as the skill acquisition center and NDDC liaison office in Bayelsa and the Federal University of Applied Sciences, Kachia.

The Director General of the National Orientation Agency (NOA), Lanre Issa-Onilu, also praised the creative industry's contributions to national development and urged them to lead by example in upholding the country's values and ethics. He stressed that Naira abuse is not only illegal but unethical and should not be part of the national culture.

This collaborative approach aims to foster a more responsible attitude towards the Naira and enhance its value and integrity. The stakeholders are encouraged to promote a culture of respect for the currency and adhere to the laws governing its use and protection.