The Economic and Financial Crimes Commission (EFCC) has recently clarified the scope and limitations of its ability to prosecute past cases of naira abuse. This announcement comes in the wake of the agency’s recent action, which saw the imprisonment of Idris Okuneye, popularly known as Bobrisky, for the mutilation of Nigerian currency notes. Bobrisky’s case, which resulted in a six-month prison sentence handed down on April 12, 2024, has reignited discussions about the treatment of the national currency and the role of the EFCC in enforcing these laws.
Dele Oyewale, the Head of Media & Publicity at the EFCC, released a statement on Sunday night detailing the commission’s stance on older incidents of naira abuse. He noted that the EFCC’s Special Task Force against Naira Abuse and Dollarisation of the Economy was only established on February 7, 2024, which constrains the commission’s jurisdiction to cases occurring after this date. According to Oyewale, this limitation is significant because it impacts the EFCC’s ability to act on incidents that happened before the task force was operational.
Oyewale further explained the rationale behind focusing on new incidents: “Old videos being exhumed and flying around for the attention of the Commission are noted as the Commission is sensitive to the fact that its Special Task Force against Naira Abuse and Dollarization of the Economy commenced operations on February 7, 2024. However, going forward, new videos of such infractions will be investigated and prosecuted.”
The statement also reflects a broader effort by the EFCC to engage the public in safeguarding the integrity of Nigeria’s financial system. Oyewale praised the public’s increasing vigilance and participation in reporting naira abuse, which he described as crucial to the ongoing efforts to uphold the sanctity of the national currency. “These gestures amply demonstrate the rising consciousness of the public to the sanctity of our national currency and the need for collaborative engagement to sustain the tempo,” he stated.
In addition to individual cases, the EFCC is actively investigating several celebrities suspected of similar abuses, underscoring the agency’s comprehensive approach to enforcing the law. Oyewale mentioned that many involved have cooperated with the commission, providing statements and responding to investigations, which illustrates the EFCC’s determined and no-sacred-cow approach to these issues.
The statement concluded with a call to the public to remain vigilant and adhere to the laws protecting the naira. By doing so, they contribute to a culture of respect and legality that supports the country’s economic stability. Oyewale assured that the EFCC would continue its rigorous enforcement of these laws, reflecting its commitment to uphold integrity in the handling of the nation’s currency.
This ongoing initiative by the EFCC not only highlights the agency’s adaptability and responsiveness to new challenges but also underscores the importance of regulatory frameworks that are continuously updated to reflect current realities. The focus on recent violations, while legally necessary, also signals a proactive shift in strategy aimed at preventing future abuses, thus fostering a more disciplined financial environment in Nigeria.
