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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a stern warning against the abuse of Nigeria’s currency, declaring that spraying, stamping, and mutilating the naira are criminal offences and not expressions of culture.

Olukoyede made the statement on Friday during a stakeholders’ sensitisation programme organised by the Commission at the Colonades Hotel, Ikoyi, Lagos.

“The naira is a symbol of our sovereignty,” he said, expressing grave concern over the persistent abuse of the national currency at social gatherings.

“Nobody who works hard to earn money will go out and start throwing their hard-earned salary in the air,” he added.

The EFCC chairman stressed that the Commission, in collaboration with the Central Bank of Nigeria (CBN), has inaugurated a special Task Force on Dollarisation and Naira Abuse, with a renewed focus on prosecuting unlicensed foreign exchange dealers and individuals who mishandle the naira.

He dismissed the notion that spraying or stamping money is a cultural norm, stating unequivocally: “There is nothing cultural about destroying our national currency.”

Responding to criticisms that the EFCC should concentrate only on so-called “high-profile crimes,” Olukoyede said, “An offence is an offence. Ignorance of the law is never an excuse.”

He noted that several celebrities are already being prosecuted for currency abuse, demonstrating the seriousness of the offence.

Under his leadership, Olukoyede said, the EFCC has shifted its strategy from just enforcement to economic protection.

“Unlike in previous years, companies under investigation are no longer shut down arbitrarily. New operational protocols ensure that jobs and investments are preserved during investigations,” the EFCC Chairman stated.

He further disclosed that over N100 billion in recovered looted funds have been redirected to key social intervention programmes under the Tinubu administration.

These include the Nigerian Education Loan Fund (NELFund) and the CrediCorp consumer credit initiative.

“These are not just headlines. They are real interventions funded by money recovered from corrupt individuals and organisations.

“The EFCC has also recovered funds from the Niger Delta Development Commission (NDDC), which helped finance a skill acquisition centre and liaison office in Bayelsa State.

“In Kaduna, a confiscated property from a corrupt civil servant now houses the newly established Federal University of Applied Sciences in Kachia,” he said.

Olukoyede highlighted ongoing international collaboration, which has led to the restitution of stolen funds to victims in the United States, Spain, and Canada.

He also raised alarm over the infiltration of Nigeria by foreign fraud syndicates, adding that recent sting operations in Lagos and Abuja led to the arrest of 792 suspects, many of whom belonged to international criminal networks.

“Over 150 individuals, mostly Chinese nationals, have already been prosecuted,” he posited.

Olukoyede reaffirmed the Commission’s commitment to prosecuting politically exposed persons, revealing that four former governors and three ex-ministers are currently on trial for corruption.

To strengthen institutional prevention, he said the EFCC has created a Department of Fraud Risk Assessment and Control (FRAC) and launched public sensitisation platforms, including EFCC Radio 97.3FM and regular media engagements.

“We all must lend our voices to this national campaign to restore the integrity of the naira.

“This fight is not for EFCC alone, it is a collective duty,” Olukoyede urged.