The significant wins it has notched on the belt recently notwithstanding, the Economic and Financial Crimes Commission is still currently not smiling.
Financial crime is on the rise in Nigeria and the number of convictions the EFCC has secured since the appointment of its Executive Chairman, Ola Olukoyede, is proof that any illegal activity involving money has serious repercussions commensurate with it.
Before President Bola Tinubu was sworn into office on May 29, 2023, the commission had struggled to prosecute non-violent economic and financial crimes, including the abuse and spraying of the Naira – and other foreign currencies – at parties or other social events.
However, after Tinubu called in Olukoyede to salvage the situation, Nigerians knew then that a new sheriff was in town.
The current EFCC helmsman was made Nigeria’s anti-corruption czar in October 2023, and his answer to the call of duty came nearly four months after the President suspended the erstwhile chairman, Abdulrasheed Bawa.
Olukoyede quickly settled into his new job and in March 2025, he gleefully announced to Nigerians that the commission secured a total of 4,111 convictions in 2024.
The chairman, in a statement by the commission’s spokesperson, Dele Oyewale, stated, “In 2024, the commission secured 4,111 convictions and hauled monetary recovery of over N365.4billion.
“The EFCC’s boss appreciates the sacrifice, hard work, and discipline, and calls for increased dedication to surpass the records of 2024.”
Although those convictions included individuals who committed internet fraud, marriage scams and whatnot, it was the category of convicts who abused the naira that seemed to have tickled the fancy of Nigerians the most.
That was expected because some celebrities, with everyday people, who thought that they have a cultural obligation to spray Naira notes at social events also faced the wrath of the law, courtesy of the EFCC.
One such celebrity was Idris Okuneye, alias Bobrisky – a controversial crossdresser and self-acclaimed “mummy of Lagos.”
The EFCC arrested Bobrisky for tampering with the sum of N400, 000 he sprayed while he was dancing at a social event that took place in the Lekki area of Lagos on March 24, 2024.
The Bobrisky arrest turned heads because, for so many Nigerians, spraying money at parties and social events equated to generosity and an innocuous way of showing off wealth.
Both of these perceptions about spraying Naira notes, however, contravene the provisions of the Central Bank of Nigeria Act 2007, which prohibit abuse through acts like writing and stamping on Naira notes, as well as spraying, soiling, tearing and mutilating them.
“But I observed that the more the EFCC sends messages out through the arrests of these celebrities and socialites, the more new sets of celebrities commit the same offence”
Section 21 of the Act makes such practices punishable by law, with a minimum penalty of six months imprisonment, or a fine of N50,000, or both.
Bobrisky pleaded guilty to the charges levelled against him in court and a six-month prison sentence was slapped on him, without the option of fine.
The next high-profile celebrity that had a brush with the EFCC was celebrity barman Okechukwu Pascal, alias Cubana Chief Priest.
He was arraigned by the Lagos Zonal Command of the EFCC on April 17, 2024, on a three-count charge bordering on abuse of the Naira before Justice Kehinde Ogundare of the Federal High Court, Ikoyi, Lagos.
Unlike Bobrisky, Cubana Chief Priest escaped a prison sentence, but Nigerians became irate that the crossdresser was unfairly treated because of his sexual orientation.
The businessman actually entered into a settlement agreement with the commission, which saw him cough up N10, 000,000 necessary to compound his offence, in line with Section 14(2) of the EFCC’s Establishment Act 2004.
The EFCC said the Act empowers it to compound any offence, subject to the provisions of Section 174 of the 1999 Constitution, by accepting, as it deems fit, such sum of money exceeding the maximum amount by which the offender would have been liable if he had been convicted.
“To this end, the N10, 000,000 the court fined Cubana Chief Priest far exceeded the N50, 000 his offence carried,” the commission explained.
After Chief Priest breathed the air of freedom, some Nigerians began to give unsolicited advice that partygoers were free to spray the Dollar and other foreign currencies only at social events, not the Naira.
This set of Nigerians even advised celebrities who were planning to spray money at social events to do so without mutilating the Naira.
Unfortunately, it was Nigerian actress and filmmaker, Iyabo Ojo, who realized the hard way that the EFCC also frowns at individuals who spray foreign currencies.
Ojo’s daughter, Priscilla Ojo, recently got married to Tanzanian heartthrob, Juma “Jux” Mkambala, and the wedding ceremony attracted many movers and shakers in the entertainment industry who graced the occasion.
The guests freely sprayed Naira notes and foreign currencies as they made merry, and the EFCC chose not to look the other way.
Last week, Ojo said in a social media post that the anti-graft agency invited her to its office where it showed her “videos extracted from my daughter’s wedding, where guests – including colleagues and friends – were seen spraying Naira and foreign currencies.”
Ojo said she explained that she thought only the abuse or mutilation of the Naira was an offence.
The businesswoman, who was allowed to go back home, added, “The EFCC officials clarified that spraying money, including on people’s bodies, is prohibited.
“I was surprised to learn that spraying any currency – including Dollars – is also not allowed.”
Another popular socialite and businessman, Emeka Okonkwo, otherwise known as E-money, was reportedly arrested at his Omole Estate, Lagos home by operatives of the EFCC.
E-money was accused, after he was flown to Abuja for questioning, of spraying foreign currencies at a public function – an act that violates the CBN’s cash handling laws.
He was later released, but not before he was directed by the commission to sensitize Nigerians by campaigning against the abuse of the Naira and sundry offences.
“Attention! The EFCC reminds us: Spraying Naira – or any currency – at parties or events is against the law.
“Let’s celebrate responsibly and avoid fines. Respect our currency,” E-money said.
He warned that if Nigerians had to give money during social events, they should put the same in a basket, bowl or container in front of the celebrant, as ignorance of the law is not an excuse.
A popular Nigerian comedian, Ayo Makun, also escaped, last week, from a potential EFCC clamp down by the skin of his teeth.
He had also sprayed Naira notes and foreign currencies during a public event but was lucky to have been granted a pardon.
“I am grateful to God for His mercy and guidance,” AY began.
“On Monday, I was invited by the EFCC in relation to an incident involving the spraying of local and foreign currencies in public—an act considered an offence under the law regarding the abuse of the Naira,” he said.
AY then added, “To my friends, family, and the general public, we all know that money spraying is a common feature of Nigerian celebrations, especially weddings and parties.
“While it’s widely seen as a cultural expression, it is also important to understand that under Nigerian law, mutilating or abusing the Naira through spraying, tearing, defacing, or mishandling is a punishable offence.”
A current affairs analyst, Alex Nwadike, told The Point, “The EFCC is not here to play games. They want to remove this bad impression the rest of the world has about Nigerians.
“So, they mean business with the way they are going about dealing with every form of Naira abuse. I must say that the fight is long-overdue and a welcome development.
“But I observed that the more the EFCC sends messages out through the arrests of these celebrities and socialites, the more new sets of celebrities commit the same offence.
“They obviously get carried away at these parties. Some of them might even think that they are untouchable and have connections. They have been proven wrong.
“Hopefully, lessons have been learnt and those who want to spray money at the next ‘Owambe’ will be forced to rethink their plans.”