Naira abuse: EFCC invites Okoya’s sons

The Economic and Financial Crimes Commission (EFCC) has summoned Subomi and Wahab, sons of billionaire industrialist Razaq Okoya, for questioning over alleged Naira abuse.

In a notice by Michael Wetkas, Acting Director of the Lagos Directorate of the EFCC, the agency instructed the duo to appear before the head of the Special Operations Team at its office located at 15A Awolowo Road, Lagos, by 10 a.m. on Monday, January 13, 2025.

The summon was sequel to a viral video showing the Okoya brothers spraying naira notes while a police officer held wads of cash in what appeared to be a promotional activity for a new song.

The EFCC, in an invitation signed by Wetkas, said the invitation was part of its commitment to enforcing Section 21(3) of the Central Bank of Nigeria (CBN) Act, 2007, which prohibits the abuse of the national currency.

The video has also drawn the attention of the Nigeria Police Force, which identified and detained the officer seen in the clip.

READ ALSO: Naira slumps in last official trading day of the week, sheds N1.8

The Force spokesperson, Muyiwa Adejobi, confirmed that the officer’s actions were unethical and that he would face disciplinary measures as part of the police’s efforts to uphold professionalism and integrity.

Public outrage over the incident has reignited calls for stricter enforcement of naira abuse laws, particularly against high-profile individuals.

In 2024, the EFCC intensified its crackdown on similar offenses, leading to arrests and prosecutions of celebrities, including social media figures Bobrisky and Cubana Chief Priest, for defacing and abusing naira notes in public displays.

The case involving the Okoya brothers is the latest in a series of high-profile incidents as authorities emphasize equal application of the law and the preservation of the naira’s integrity.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now