The Economic and Financial Crimes Commission (EFCC)is currently investigating 18 of Nigeria's 36 state governors, according to the anti-graft agency's Chairman,Ola Olukoyede.These investigations are ongoing, and action will be taken against those found culpable once their immunity from prosecution expires at the end of their tenures. This disclosure was made during a sensitization programme in Lagos aimed at educating movie producers, musicians, and bureau de change operators on the detrimental effects of naira mutilation and abuse.

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Olukoyede highlighted a particular incident involving a former governor who caused a stir in London by spraying pounds sterling at his birthday party. This ex-governor, already under EFCC investigation while in office, had fled to England immediately after the expiration of his tenure to evade arrest. During his birthday celebration, he began spraying £50 and £10 notes, an act that prompted the hotel manager, unfamiliar with such behavior, to alert theMetropolitan Police.The former governor was subsequently arrested, and although his friends, colleagues, and two serving governors intervened, the incident underscored the unacceptability of such practices even abroad. Olukoyede used this anecdote to emphasize that currency abuse is a serious offense, regardless of cultural claims.

The EFCC chairman strongly condemned the rampant spraying, stamping, and mutilation of the Naira at social functions, asserting that such actions are not a cultural practice but a criminal offense under the Central Bank of Nigeria (CBN) Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act. He stressed that the Naira is a symbol of Nigeria's sovereignty, and its abuse reflects a lack of self-respect as a people, imposing a heavy financial burden on the CBN for replacing defaced notes. The EFCC, in collaboration with the CBN, has intensified enforcement and public awareness campaigns, including establishing a Task Force on Dollarisation and Naira Abuse and prosecuting offenders, including public figures.

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A landmark Supreme Court judgment on November 15, 2024, significantly strengthened the EFCC's investigative powers. The apex court dismissed a suit filed by 19 state governors challenging the constitutionality of the laws establishing the EFCC, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigerian Financial Intelligence Unit (NFIU). The judgment affirmed that laws enacted by the National Assembly, including those establishing these anti-corruption agencies, are binding on all states, and states cannot enact competing legislation.