Sunday, May 26, 2024

Naira Abuse: EFCC advised to also go after treasury looters

“We have been spraying money during social occasions for decades, and it is part of our culture,” said a financial expert.

• April 22, 2024

A financial expert, Okechukwu Unegbu, has urged the Federal Government to dissipate more effort in arresting and prosecuting politicians accused of looting the treasury.

Mr Unegbu, a former president of the Chartered Institute of Bankers of Nigeria (CIBN), gave the advice in an interview on Monday in Abuja.

He spoke against the backdrop of the recent arrest and prosecution of some Nigerians by the Economic and Financial Crime Commission (EFCC) for abusing and mutilating the naira.

The Central Bank of Nigeria (CBN) Act 2007 criminalises abuse of the naira.

Section 21 of the Act listed spraying, dancing or stepping on the naira or any other notes issued by the CBN during social occasions as constituting an abuse and defacing of the currency.

The law provides that such acts are punishable by six months imprisonment, a fine of N50,000, or both.

According to Mr Unegbu, spraying money at social events has done less damage to the Nigerian economy than looting the treasury and other financial crimes politicians commit.

“The EFCC should also go after corrupt politicians that have been accused of looting the treasury and causing mass poverty. Bringing treasury looters and corrupt politicians to book will be more beneficial to the country than going after those spraying naira at parties.

“We have been spraying money during social occasions for decades, and it is part of our culture. People only need to be sensitised to the law that criminalises the act.

“And, there are issues to be decided. How are we sure that all the currencies they throw about are only naira? There may be other currencies. Are they fighting for other countries’ currencies?” he stated.

Mr Unegbu urged the authorities to sensitise Nigerians about handling the naira properly. He also urged the CBN to ensure that the naira is printed with quality materials like the dollar and other foreign currencies to enhance its durability.

“EFCC should be advising people who want to spray money; if they want to avoid abuse of the naira at the ceremony, hold a bag or a net so that people can throw the money in there instead of throwing it on the floor.

“People should also be encouraged to keep money in wallets. That way, the Naira notes will remain durable. The CBN should also ensure to print the naira to be of high quality like the dollar so that it can be durable,” he said.


We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State


Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

First Bank and PROPARCO


FirstBank partners Proparco on climate performance, greenhouse emissions

This aims to achieve a holistic integration of climate action on Greenhouse gas emissions reduction to strategically position First Bank as an African climate bank.

Third Mainland Bridge and President Bola Tinubu


Tinubu’s First Year: Third Mainland Bridge partially closed for repairs

Ahead of his administration’s first anniversary on 29 May, President Bola Tinubu departed Abuja on Saturday for Lagos to inaugurate projects.

Al Ahly players celebrate CAF victory (Credit: Sport Brief)


Al Ahly win record-extending 12th CAF Champions League title

Saturday’s win is the fourth time Al Ahly will lift the prestigious trophy in succession.

Sanusi and Bayero


Emir of Kano Crisis: Social, commercial activities going on uninterrupted

Despite the Emir of Kano tussle, residents are going about their normal businesses peacefully.

Mr Aiyedatiwa addressing party members during a thank-you tour of the party secretariat in Akure.


Hardwork needed for victory despite my emergence as APC standard bearer, Aiyedatiwa tells members

Mr Aiyedatiwa said that a cohesive and united front was essential to achieving a common goal.