The Economic and Financial Crimes Commission (EFCC) has invited Subomi and Wahab Okoya, sons of billionaire industrialist Razaq Okoya, for questioning over allegations of currency abuse. The summons follows the circulation of a viral video showing the duo spraying naira notes at a public event, a practice deemed unlawful under Nigerian law.
In the video, which sparked widespread outrage online, the brothers were seen frivolously spraying bundles of naira notes during what appeared to be a celebratory gathering. This action directly contravenes Section 21(3) of the Central Bank of Nigeria (CBN) Act, 2007, which prohibits the mutilation, spraying, or abuse of the national currency.
EFCC Takes Action
Responding to public uproar, the EFCC issued a formal invitation to the Okoya brothers. In a letter signed by Michael Wetkas, the acting director of the Lagos Directorate of the EFCC, the anti-graft agency directed Subomi and Wahab to present themselves for questioning at the commission’s Lagos office on Monday, January 13, 2025.
The letter, seen by reporters, stated that the brothers would be interrogated by the Special Operations Team as part of efforts to curb illegal practices that degrade the value of the naira.
“Currency abuse undermines the integrity of Nigeria’s financial system,” a source at the EFCC said. “We are taking this case seriously to send a strong message to the public that such actions have consequences.”
Public Apology Sparks Mixed Reactions
Following the backlash, Subomi Okoya issued a public apology through his X (formerly Twitter) account. The younger Okoya claimed ignorance of the law and expressed remorse for his actions.
“To the Nigerian people, my actions were not to cause any trouble or harm,” he wrote. “My intentions were pure and naive. I ask for your forgiveness and support in this situation as I had no intention to raise such an alarm. I wasn’t fully aware of the consequences of my action.”
While some Nigerians have accepted his apology, others have criticized the brothers for setting a poor example, particularly given their influential family background. “How can someone from such a prominent family claim ignorance of the law?” one commentator wrote.
The Law on Currency Abuse
The CBN Act of 2007 explicitly criminalizes actions that lead to the abuse of the naira. Section 21(3) states: “Any person who tampers with, sprays, or abuses the naira is guilty of an offence and liable to sanctions as stipulated by law.” Penalties range from fines to imprisonment, depending on the severity of the offence.
The law aims to protect the naira’s integrity and discourage practices that contribute to its devaluation. In recent years, the CBN and EFCC have intensified campaigns against currency abuse, often issuing warnings during festive seasons when naira-spraying at parties is common.
Context and Public Sentiment
Razaq Okoya, the patriarch of the Okoya family, is a household name in Nigeria, known for his business acumen and contributions to the country’s industrial sector. The family’s wealth and influence have often placed them in the public eye. However, the naira-spraying controversy has cast a shadow over the younger Okoyas, raising questions about the responsibilities that come with privilege.
Public reactions to the scandal reflect broader frustrations with perceived impunity among Nigeria’s elite. “This is not just about the Okoyas; it’s about a culture where the rich flout the law with no consequences,” a Lagos-based lawyer remarked.
EFCC’s Broader Mandate
The EFCC’s pursuit of the case aligns with its broader mandate to combat financial crimes and promote accountability. In recent years, the commission has ramped up efforts to address currency-related offences, including counterfeiting, illegal forex trading, and abuse of the naira.
Speaking on the matter, a financial analyst noted that the EFCC’s actions could deter others from engaging in similar practices. “The naira is a symbol of our national pride. Allowing such abuse sends the wrong message both domestically and internationally,” he said.
