EFCC Needs To Be Consistent With Its Naira Abuse Policy

The Economic and Financial Crimes Commission (EFCC) on Monday, April 28, arrested prominent Nigerian businessman Emeka Okonkwo, popularly known as E-Money, over alleged abuse of the Naira and the dollar. The arrest follows a viral video showing E-Money spraying both currencies at a high-profile public event, a practice that has been declared illegal under Nigerian financial laws.

EFCC sources report that E-Money was picked up on Monday at his residence in Lagos State. Following his arrest, he was immediately flown to Abuja, the Federal Capital Territory, for further interrogation and investigation into the incident. The EFCC is investigating him for violations of both the Central Bank of Nigeria (CBN) Act and the Foreign Exchange Act.

A source within the anti-graft agency told Punch Newspapers on Tuesday, April 29: “On Monday night, we arrested E-Money for Naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed U.S. dollars, which is against the Foreign Exchange Act.”

While the public is more familiar with Naira-related violations, the inclusion of dollar spraying has raised new questions about currency decorum at public functions and the scope of enforcement under Nigerian law. The CBN Act, particularly Section 21, prohibits actions such as spraying, selling, mutilating, or defacing the Naira, and it is often cited in such prosecutions. The Foreign Exchange Act similarly prohibits improper handling and public abuse of foreign currencies, especially in ways that undermine their value or foster illegal exchange markets.

E-Money’s arrest comes on the heels of a broader crackdown by the EFCC on the abuse of Nigerian currency. Days before his arrest, Nigerian singer Terry Apala was also detained for similar offenses.

This recent wave of arrests marks a continuation of the EFCC’s strict enforcement of the CBN Act, which, though enacted in 2007, was largely under-enforced until February 2023. That year, amid a nationwide cash scarcity crisis, the CBN issued a formal statement warning Nigerians against selling or mishandling Naira notes. The EFCC soon made its first high-profile arrest in connection with the policy, detaining Nollywood actress Oluwadarasimi Omoseyin in January 2023 for spraying the newly redesigned Naira notes at a party. She was later sentenced on February 2, 2024, to six months in prison. This policy became mainstream on April 3, 2024, when the EFCC arrested social media influencer and cross-dresser Idris Okuneye, widely known as Bobrisky, on similar charges of currency mutilation. He was convicted and handed a six-month jail sentence without the option of a fine on April 12, 2024.

The Economic and Financial Crimes Commission (EFCC), one of the government agencies collaborating with the Central Bank of Nigeria (CBN) in its ongoing crackdown on naira abuse, has been making good on its promise to arrest Nigerians found culpable. However, the agency’s approach has raised eyebrows due to its glaring inconsistency and apparent selective prosecution.

E-Money’s arrest for allegedly spraying foreign currency at a public function — an act that falls into a somewhat grey area, given that the law specifically targets the abuse of the naira, not foreign currencies.

In January 2025, a notable incident involved the Okoya brothers — Subomi and Wahab, sons of billionaire businessman Razaq Okoya, who were filmed openly abusing the naira during a lavish event. Rather than arresting the brothers, the EFCC bizarrely chose to detain the police officers assigned to guard them. The move sparked widespread ridicule, as it seemed more like a deflection than law enforcement.

These reflect a troubling lack of uniformity in the EFCC’s actions and cast doubt on the agency’s commitment to impartial justice. If the EFCC wants to be taken seriously in its campaign against naira abuse, it must adopt a consistent, transparent approach and ensure that its prosecutions are not influenced by status, wealth, or public sentiment. As it stands, the agency seems to be waging a confused and contradictory battle. It needs to choose a clear and principled path forward. In Gen-Z speak, EFCC needs to pick a struggle.