Okechukwu Unegbu, a financial expert and former president of the Chartered Institute of Bankers of Nigeria (CIBN), has urged the Federal Government to strengthen its efforts in arresting and prosecuting politicians accused of looting public funds.
He made this call during an interview in Abuja, highlighting recent arrests and prosecutions by the Economic and Financial Crimes Commission (EFCC) for the misuse and damage of the naira.
Unegbu referenced the Central Bank of Nigeria (CBN) Act of 2007, which prohibits the abuse of the naira, including actions like spraying, dancing, or stepping on the currency during social events.
According to Section 21 of the Act, such actions are punishable by up to six months imprisonment, a fine of N50,000, or both.
Per Mr Unegbu, spraying money at social events has done less damage to the Nigerian economy than looting the treasury and other financial crimes politicians commit.
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“The EFCC should also go after corrupt politicians that have been accused of looting the treasury and causing mass poverty. Bringing treasury looters and corrupt politicians to book will be more beneficial to the country than going after those spraying naira at parties.
“We have been spraying money during social occasions for decades, and it is part of our culture. People only need to be sensitised to the law that criminalises the act.
“And, there are issues to be decided. How are we sure that all the currencies they throw about are only naira? There may be other currencies. Are they fighting for other countries’ currencies?” he stated.
Mr Unegbu urged the authorities to sensitise Nigerians about handling the naira properly. He also urged the CBN to ensure that the naira is printed with quality materials like the dollar and other foreign currencies to enhance its durability.
“EFCC should be advising people who want to spray money; if they want to avoid abuse of the naira at the ceremony, hold a bag or a net so that people can throw the money in there instead of throwing it on the floor.
“People should also be encouraged to keep money in wallets. That way, the Naira notes will remain durable. The CBN should also ensure to print the naira to be of high quality like the dollar so that it can be durable,” he said.
