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Tag: naira abuse

  • Court convicts social media influencers for Naira abuse in Ibadan

    Court convicts social media influencers for Naira abuse in Ibadan

    Justice Uche Agomoh of the Federal High Court, sitting in Ibadan, Oyo State, has convicted two social media influencers, Bukola Arike Rufai and Abdulateef Ayinde Jimoh, for abusing Naira notes.

    The convicts were prosecuted on a joint one-count charge that bordered on currency mutilation by the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission, EFCC.

    The charge reads, “That you Bukola Arike Rufai and Abdulateef Ayinde Jimoh on or about the 25th day of September, 2024 within the jurisdiction of this Honourable Court, did match on Naira Notes, issued by the Central Bank of Nigeria and thereby committed an offence, contrary to Section 21 (3) of the Central Bank Act 2007 and Punishable under Section 21 (1) of the same Act.”

    Read Also: EFCC’s Naira abuse policy hard on entertainers – Deyemi Okanlawon

    The Head, Media and Publicity of EFCC, Dele Oyewale in a statement said the suspects pleaded “guilty” when the charge was read to then, following which the prosecution counsel, Lanre Suleiman reviewed the facts of the case, tendered incriminating evidence and prayed the court to convict and sentence them accordingly, while the defence counsel, O.D. Ajadi told the court to temper justice with mercy, stating that the duo are first offenders and have become remorseful of their action.

    Justice Agomoh convicted both offenders without a sentence and gave them N50, 000 option of fine each.

    Both convicts paved their way for arrest and prosecution when they made a video of themselves, spraying and trampling on Naira notes and posted it on TikTok.

  • EXPLAINER: What constitutes Naira abuse, penalties involved

    EXPLAINER: What constitutes Naira abuse, penalties involved

    The Central Bank of Nigeria (CBN) implemented the Clean Note Policy as a comprehensive framework to regulate the production, issuance, and circulation of banknotes. 

    This policy was designed to maintain the integrity, quality, and widespread acceptance of the Naira while promoting efficient currency management.

    The policy is centered on combating the mishandling and abuse of Naira banknotes, which undermine their physical durability and increase the cost of replacing damaged currency. Through public awareness campaigns, the CBN aims to foster a culture of responsible currency handling among citizens and curb harmful practices that shorten the lifespan of banknotes.

    The Naira and kobo laws, as outlined in the CBN Act, provide a legal foundation for currency management and establish penalties for offenses involving the Naira. Key sections of the Act . The CBN is solely authorized to issue Naira and kobo notes (Sections 17, 18, and 19 of the Act).

    Counterfeiting

    Counterfeiting Naira notes is a severe offense punishable by up to five years of imprisonment without the option of a fine (Section 20).

    Spraying Banknotes

    Practices such as spraying or scribbling on banknotes at social events are prohibited under Section 21 of the Act, with violators subject to legal penalties.

    Read Also: Naira abuse: EFCC confirms invitation of Okoya’s sons for questioning 

    Defacement

    Actions like stapling, tearing, soiling, or staining banknotes are considered defacement and are punishable offenses under Section 21.

    Sale of Currency

    The sale, trade, or hawking of Naira notes and coins is strictly forbidden by Section 21(4) of the Act.

    Mutilation

    Mutilating banknotes, defined as damage exceeding half the note’s original size, is another prohibited act. Whether caused by fire, flooding, or intentional tampering, such damage is deemed detrimental to the nation’s monetary system and penalized accordingly.

  • Naira abuse: EFCC confirms invitation of Okoya’s sons for questioning 

    Naira abuse: EFCC confirms invitation of Okoya’s sons for questioning 

    The Economic and Financial Crimes Commission (EFCC) has invited two children of billionaire businessman, Chief Razaq Okoya, for questioning over alleged naira abuse.

    The EFCC Spokesperson, Mr Dele Oyewale confirmed this to the News Agency of Nigeria (NAN) on Saturday in Abuja.

    “Yes, they have been invited; the two children, Wahab and Raheem Okoya are expected to report to the commission’s Lagos office for questioning on Monday.

    ”They are to report to the Head, Special Operations Team, at the 15A Awolowo Road Office of the commission by 10 am on Monday,”  he said

    Read Also: BREAKING: EFCC invites Okoya’s sons over alleged Naira abuse

    NAN reports that the two brothers were sighted  in a video flaunting and spraying bundles of N1,000 notes in a promotional clip for Raheem’s new song titled “Credit Alert”.

    In the video, the duo, dressed in white traditional attires, danced while a mobile policeman held stacks of crisp naira notes, which they flung into the air.

    The act, perceived by many as disregard for the law, drew condemnation on social media, with some Nigerians expressing doubts about accountability due to their father’s influential status.(NAN)

  • Lawyer seeks end to naira abuse

    Lawyer seeks end to naira abuse

    A lawyer, Tope Adebayo has lamented the ignorance of Nigerians about the legal framework guiding the use of Naira currency.

    Adebayo a senior counsel in Tope Adebayo LP (TALP) regretted that many Nigerians were unaware of the law until recently after the arrest and trial of Idris Okuneye, a.k.a. ‘Bobrisky’, a Nollywood actress, Oluwadarasimi Omoseyin and Cubans Priest, Pascal Okechukwu for their involvement in Naira note abuse.

    He said their trial highlighted the seriousness of the issue.

    He, however, regretted that despite its significance, the abuse of Naira notes has become a pervasive issue in the country, undermining its integrity and the respect it commands.

     He said that this is exemplified in recent high-profile cases, the arrest, prosecution, and conviction of the socialites.

     Adebayo stated this in a published paper titled “Examining the Abuse of Naira Notes in Nigeria: A Legal and Comparative Perspective”

    The paper explores the legal framework governing various forms of Naira abuse, in Nigeria in contrast to the regulatory landscape in the U.S.A. to buttress his position on the issue.

    Adebayo argued: “Section 21 (1) – (3) of the Central Bank of Nigeria (CBN) Act 2007, addresses Naira abuse.

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    “The abuse of Naira notes is governed primarily by the (CBN) Act 2007 and this statute confers upon the CBN the authority to regulate the issuance, distribution, and handling of currency within the country.

    “Section 21 of the CBN Act specifically prohibits the abuse of Naira notes, prescribing penalties for offenders, including fines and imprisonment.”

    On the other hand, he said that the legal frameworks in the United States are more comprehensive. For example, 18 U.S.C. section 333 prohibits the mutilation, diminution, and defacement of the Dollar, with violators subject to fines and imprisonment.

    He emphasised the need for Nigerians to desist from Naira abuse and recognise the currency as a symbol of national pride and lifeblood of the nation’s economy.

    “Currency serves as the lifeblood of any nation’s economy, embodying its value and facilitating economic transactions. In Nigeria, the Naira stands as a symbol of national pride and economic stability.”, he said.

    “The arrest and pending trial of another socialite, Pascal Okechukwu, popularly known as ‘Cubana Chief Priest’, further underscores the prevalence of this illicit activity,” he stated.

    He recalled: “Omoseyin and Bobrisky were sentenced to six months prison terms after pleading guilty, Cubana Chief Priest is still awaiting trial after pleading not guilty and granted bail by the Federal High Court.

    “Unlike the cases of Bobrisky and Omoseyin, the not-guilty plea triggers a legal process where evidence and arguments are carefully scrutinised, ultimately leading to a court judgment.

    “The consequences of Naira note abuse are multifaceted, one of which is that it compromises the durability of the currency, leading to premature deterioration.

    “The desecration of a national currency (Naira) undermines its symbolic value and reflects poorly on the country’s image domestically and internationally.

    “Despite the existence of  legislation and enforcing laws, currency abuse remains a significant challenge in Nigeria.

    “Limited resources, tax enforcement mechanisms, and cultural attitudes towards money contribute to the prevalence of Naira abuse. Unlike in the USA where stringent enforcement and public awareness campaigns are in place,” he submitted.

  • Fighting naira abuse

    Fighting naira abuse

    It remains to be seen whether naira abusers will learn any lesson from the case of actress Oluwadarasimi Omoseyin who was recently sentenced to six months in prison for spraying and stepping on naira notes at a party in Lagos. Also, it remains to be seen whether this case won’t be a one-off. 

    According to the Economic and Financial Crimes Commission (EFCC), the actress, “on the 28th day of January 2023, at Monarch Event Centre, Lekki, Lagos… whilst dancing during a social occasion tampered with the sum of N100,000 issued by the Central Bank of Nigeria by spraying same,” and thereby committed an offence contrary to and punishable under Section 21(1) of the Central Bank Act, 2007.

    She was arrested by officers of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on February 1, 2023, in Ikoyi, Lagos, following a viral video that showed her spraying and stepping on naira notes at a party, and handed over to the EFCC on February 2, 2023, for further investigation.  In her statement, she had stated that she attended a friend’s wedding on January 28, 2023, and that she sprayed N200 and N100 notes on the occasion. She was first arraigned on February 13, 2023, and granted bail on February 15, 2023.

    Read Also: Shall we tell the President?

    Justice Chukwujekwu Aneke of the Federal High Court, Lagos, on February 1, 2024, convicted and sentenced her to six months in prison with an option of N300,000 fine.

    The Central Bank of Nigeria (CBN) Act 2007 (As amended) stipulates that “spraying of, dancing or marching on the naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute abuse, and defacing of the naira or such note shall be punishable under the law by fines or imprisonment or both.” Abuse of the currency attracts a penalty of not less than six months imprisonment or a fine of not less than N50,000 or both.

    The CBN is supposed to work with the EFCC, Nigeria Police Force (NPF), Federal Inland Revenue Service (FIRS), and the Nigerian Financial Intelligence Unit (NFIU), among others, to curb the abuse of the naira. It is unclear whether they are operating with a sense of collective mission concerning the issue.

    Fighting naira abuse and naira abusers demands much more than the recent conviction. Naira abusers are all over the place, in high places and low places.  Regular viral videos show the high scale of naira abuse in the country. The violators carry on because those who should stop them allow the violation to continue. More people should be arrested and prosecuted for naira abuse.