‘Naira abuse’: EFCC secures 31 convictions in Kano

The Economic and Financial Crimes Commission (EFCC) says its operatives in Kano have secured the convictions of 31 individuals involved in illegal currency trading and abuse of the naira. 

The anti-graft agency said the culprits were arrested by the special task force on illegal dealing and mishandling of the naira, between March and May 2024.

In a statement published on its website, EFCC said the offenders were arrested at various locations in Kano including Wapa BDC market, Grand Central Hotel, and Lagos street adjacent to CBN office.

The anti-graft agency did not provide details of the sentence imposed by the court but stated that the offenders “got jailed”.

“In an unprecedented display of regulatory enforcement, the Kano Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured 31 convictions of individuals involved in illegal currency trading and the abuse of the naira,” the statement reads.

“The convicts include; Munkaila Sani, Mohammed Sani, Muhammad Tijjani, Abubakar Yakubu Garba, Umar Mohammed, Sadiq Ahmad, Amiru Ibrahim, Usman Mahmoud Aminu, Auwal Sharubutu, Abubakar Usman, Salisu Idris, Zarahdeen Sale, Yahaya Isa, Michael Oladipupo, Rose Mabe Akogu, Salako Gboyega, Muktari Haruna, Ibor Ibn Mohd, Onuche Attai, Ibitoye Olanrewaju, Matthew James, Isah Ahmad, Abdullahi Isah Musa, Sagir Musa, Murtala Gambo, Abdulrahman Hassan, Nazifi Musa Isah, Usman Muhd Muhd, Najeeb Abalan, Dickson Egbuka and Habib Abba.”

WHAT THE CBN ACT SAYS

Section 21 of the Central Bank of Nigeria (CBN) Act frowns at abuse of the naira in the form of tampering, stepping on, tearing, spraying, and hawking.

Section 21 of the act states: “(1) A person who tampers with a coin or note issued by the Bank is guilty of an offence and shall on conviction be liable to imprisonment for a term not less than six months or to a fine not less than N50,000 or to both such fine and imprisonment.

“(2) A coin or note shall be deemed to have been tampered with if the coin or note has been impaired, diminished or lightened otherwise than by fair wear and tear or has been defaced by stumping, engraving, mutilating, piercing, stapling, writing, tearing, soiling, squeezing or any other form of deliberate and wilful abuse whether the coin or note has or has not been thereby diminished or lightened.

“(3) For the avoidance of doubt, spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under Sub-section (1) of this section.

“(4) It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.”

Recently, the EFCC has been going after celebrities who allegedly abuse the naira.

On April 12, a federal high court in Lagos sentenced Bobrisky, the social media celebrity, to six months in prison for abusing the naira.

The crossdresser was arraigned on a six-count charge by the EFCC.

On April 16, the EFCC filed a three-count charge against Cubana Chief Priest, the nightlife promoter, for alleged abuse of the Nigerian currency.

Kehinde Ogundare, a judge of the federal high court in Lagos, thereafter granted him bail in the sum of N10 million with two responsible sureties in like sum.