EFCC moves to end naira abuse, tackle corruption

The Economic and Financial Crimes Commission (EFCC) has called for a national cultural reorientation to combat the widespread abuse of Nigeria’s currency and the growing public glorification of illicit wealth.

Speaking at a sensitisation forum held in Lagos at the weekend, EFCC Chairman, Ola Olukoyede, said that beyond arresting offenders, the agency is now focused on addressing the social norms and attitudes that normalise financial recklessness and corruption.

“There’s nothing cultural about spraying or mutilating the naira,” Olukoyede said. “This is not about tradition. It is about national identity and economic stability. The naira is our sovereignty, and we must defend it.”

He recalled an incident in which a former Nigerian governor, shortly after leaving office, was arrested in the United Kingdom for spraying pound sterling at his birthday party. “The hotel manager thought he was mentally unstable and called emergency services,” he said. The former governor was eventually handed over to the EFCC, prosecuted, jailed, and later pardoned.

Olukoyede said the EFCC is working to change the perception that spraying money or displaying questionable wealth is a symbol of status. He stated that such actions promote a culture of impunity and have contributed to Nigeria’s deteriorating international reputation.

As part of its public enlightenment strategy, the Commission has launched an anti-corruption radio station, 97.3 FM, and is partnering with filmmakers, community leaders and the National Orientation Agency (NOA) to promote civic values. “We’re not just fighting corruption in the courts. We’re fighting it in the minds of our people,” Olukoyede said.

Director-General of the NOA, Lanre Isa Onilu, said the abuse of the naira is not only illegal but also unethical and contrary to national values. He urged Nigerians to treat the currency with respect, describing it as a matter of civic responsibility and national pride.

The EFCC chairman also said the Commission is prioritising prevention over prosecution by establishing a fraud risk assessment unit, which has prevented over ₦10 billion from being stolen in the past year. “The true measure of success is not just how many people we jail, but how much public money we save from being stolen in the first place,” he said.

Olukoyede warned that corruption has cost Nigeria more than financial losses. He lamented that the country’s global image has suffered significantly due to cybercrime and fraud, with Nigerian passports losing credibility internationally. “At one time, our passport granted visa-free access to 12 developed countries. Today, even Ghana and Cameroon’s passports are more respected,” he said.