The Economic and Financial Crimes Commission (EFCC) says it has secured the convictions of 31 residents of Kano State in respect of the Naira abuse, among other related offenses.
The EFCC disclosed this in a statement published on its website on Saturday, May 18, 2024.
The anti-graft agency described the convictions as proof of its enforcement of relevant regulatory guidelines in the laws of the land.
One of such laws is Section 21(1) of the Central Bank Act 2007, which states that a person who tampers with a coin or note issued by the apex 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.
The EFCC says it will continue to carry out the prosecution of anyone who abuses the Nigerian currency or commits a financial crime.
It stated,
“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.
“Between March and May 2024, the Special Task Force instituted by the Executive Chairman of the EFCC, Mr. Ola Olukoyede cracked illegal dealing and mishandling of Nigeria’s currency and got 31 offenders jailed.
“The convicts includes; 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.”
The anti-graft body revealed that the convicts were apprehended at various locations in Kano, including Wapa BDC Market, Grand Central Hotel and Lagos Street adjacent to Central Bank of Nigeria.
The statement read further:
“To this end, the Commission will always investigate and prosecute anyone involved in the abuse of the naira. Old videos being exhumed and flying around for the attention of the Commission are noted as the Commission is sensitive to the fact that its Special Task Force against Naira Abuse and Dollarization of the economy commenced operations on February 7. However, going forward, new videos of such infractions will be investigated and prosecuted.”
More Insights
- The development comes after the EFCC secured the conviction of a cross dresser, Okuneye Idris (Bobrisky), amid the ongoing case against businessman, Pascal Okechukwu, also known as Cubana Chief priest.
- The anti-graft agency had warned that on the issue of the Naira abuse and dollarization of the economy, the EFCC will continue to lead the enforcement of all extant laws relating to them, while appreciating the avalanche of public awakening, support and involvement that have greeted its prosecution of offenders.
- It said the commission is investigating several celebrities involved in Naira abuse, adding that many of them have made useful statements to the commission and many more have been invited by investigators working on the matter.
- Nairametrics previously reported that the Nigerian Senate recently introduced a bill to amend the Central Bank of Nigeria Act 2007, proposing a 900% hike in minimum fine for naira abuse from N50,000 to N500,000.
- The proposed legislation was sponsored by Senator Mukhail Adetokunbo Abiru (Lagos East), who seeks to significantly increase penalties for naira abuse.
