The Economic and Financial Crimes Commission (EFCC) has arrested Kelly Okungbowa, popularly known as Ebo Stone, over alleged abuse of the naira. Okungbowa, a former Chairman of the Edo State Asset Recovery Committee and State Coordinator of the Public Safety Response Team (PSRT), was arrested by EFCC operatives from the Benin Zonal Directorate on Monday, March 17, 2025.
The arrest follows the viral spread of a video showing Okungbowa at a private party where he was seen spraying freshly minted naira notes on two strippers. The video, which surfaced online on March 9, 2025, showed him throwing bundles of cash into the air as the women danced and rubbed the money on their bodies.
The video quickly gained traction on social media, drawing sharp criticism from Nigerians and raising concerns about the growing trend of naira abuse. The incident prompted the EFCC to launch an investigation, and Okungbowa was subsequently arrested.
Confirming Okungbowa’s arrest, the EFCC stated that he would be charged to court once investigations were completed. The anti-graft agency’s swift response highlights the government’s increasing efforts to combat the growing problem of naira abuse, a violation that can attract serious legal consequences under Nigerian law.
EFCC Chairman, Olanipekun Olukayode, has repeatedly highlighted the need to uphold the integrity of the naira and clamp down on actions that undermine the currency. The agency’s crackdown on naira abuse has intensified in recent months, with high-profile cases like Okungbowa’s drawing more attention to the issue.
Naira abuse, including acts such as spraying, mutilating, or defacing the currency, is prohibited under Nigerian law. Section 21 of the Central Bank of Nigeria (CBN) Act stipulates that anyone found guilty of such actions can face a fine or imprisonment. The law is designed to protect the currency’s dignity and prevent the misuse of legal tender.
Okungbowa’s arrest is the latest in a series of high-profile cases that the EFCC has pursued in recent months. In a related incident, the EFCC also apprehended popular TikTok influencer, Murja Ibrahim Kunya, in Kano on March 15, 2025, for similar naira abuse allegations.
The viral video showing Okungbowa’s actions sparked widespread outrage on social media, with many Nigerians condemning his actions as disrespectful to the country’s currency. Critics expressed concern about the message it sent, especially given the country’s ongoing economic challenges and the importance of protecting the value of the naira.
In response to the public outcry, the Edo State Government took swift action, suspending Okungbowa from his role as the PSRT coordinator. The suspension was confirmed by the Edo State Government in a statement issued shortly after the video went viral. The government stated that it was committed to upholding the rule of law and would support any legal action taken against Okungbowa if he was found guilty of violating Nigerian laws.
A statement from the Edo State Government read, “The state government has zero tolerance for acts that bring dishonour to the state and the nation as a whole. We are committed to ensuring that all public officers act in a manner that upholds the law and respects the values of the Nigerian people.”
Okungbowa’s suspension from his government role underscores the state government’s commitment to addressing misconduct among public officials. It also signals a broader crackdown on actions that undermine public trust and disrespect the law.
The rise in incidents of naira abuse has become a source of concern in Nigeria, where many people see such actions as a symbol of disrespect for the country’s financial system. The practice of spraying money at social events, while popular in some circles, has come under increased scrutiny in recent years.
In addition to spraying money at parties, there have been reports of people using naira notes for purposes such as wiping their faces or using them as decorations. Such acts have raised concerns about the degradation of the currency and the message it sends about Nigeria’s economic values.
In response to this growing trend, the EFCC has been ramping up its efforts to enforce laws against naira abuse. The agency has warned that anyone found violating these laws will face legal consequences, including arrest, detention, and prosecution.
The EFCC’s enforcement actions come at a time when the Nigerian economy is facing significant challenges, including inflation, a weakening naira, and rising unemployment. For many Nigerians, the sight of freshly minted naira notes being treated recklessly is seen as an affront to the country’s ongoing efforts to stabilize its economy and protect the value of its currency.
In a related case, the EFCC also arrested Murja Ibrahim Kunya, a popular TikTok influencer, in Kano for similar allegations of naira abuse. Kunya was reportedly caught on camera spraying money at a party, an act that quickly drew the attention of the EFCC.
Sources indicate that Kunya had been arrested previously but had managed to escape from custody before she could face charges. The EFCC confirmed that Kunya was arrested again in Kano on March 15, 2025, and is now set to face legal action for her involvement in the abuse of the naira.
Kunya’s case has further fueled the public debate around the misuse of the naira, particularly among influencers and public figures who are often seen flaunting wealth on social media platforms. The EFCC has vowed to pursue further investigations and ensure that those found guilty of currency abuse are held accountable for their actions.
The arrest of Kelly Okungbowa and Murja Ibrahim Kunya is part of the EFCC’s broader efforts to combat financial crimes and protect Nigeria’s economic interests. The agency has been involved in several high-profile cases in recent years, ranging from corruption investigations to money laundering and currency abuse.
EFCC Chairman Olanipekun Olukayode, has stressed that the agency will continue to target individuals and groups involved in economic crimes, particularly those who undermine the nation’s financial system. He emphasized that the EFCC would not tolerate actions that degrade the naira or contribute to its devaluation.
The agency has also pledged to intensify public awareness campaigns about the importance of respecting the naira and adhering to financial laws. Through these efforts, the EFCC hopes to foster a greater sense of responsibility among Nigerians and deter future instances of currency abuse.
