The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has said spraying and stamping on the national currency are punishable offences under the law.
Olukoyede, who made the remarks on Friday in Lagos during a stakeholders’ sensitisation programme, said the naira was “a symbol of our sovereignty,” and wondered why the abuse of the currency, particularly at social gatherings where it is commonly sprayed, mutilated, or stamped still trends
“Nobody who works hard to earn money will go out and start throwing their hard-earned salary in the air,” he said, adding that such practices are both illegal and economically damaging.
According to him, the will clamp down on unlicensed foreign exchange dealers and those found abusing the naira., adding that the EFCC is working closely with the Central Bank of Nigeria and has set up a dedicated task force on Dollarieation and Naira Abuse.
“There is nothing cultural about destroying our national currency,” Olukoyede stated firmly, dismissing the common argument that spraying money is part of Nigerian tradition.
Responding to criticisms that the EFCC should focus on “high-profile crimes,” Olukoyede said all violations of the law are taken seriously.
“An offence is an offence. Ignorance of the law is never an excuse. Some celebrities who are already facing prosecution can attest to the weight of the law,” he said, adding that the EFCC has adopted a more strategic approach that balances enforcement with economic recovery and support for legitimate businesses.
“Unlike in the past, companies under investigation are no longer summarily shut down, with operational protocols now designed to protect jobs and investments,” he explained.
He said over N100 billion recovered from criminals have been channeled to fund key social intervention programmes such as the Nigerian Education Loan Fund and the CrediCorp consumer credit scheme.
“These are not just headlines; they are real interventions funded by money recovered from corrupt individuals and organisations,” he said.
