TALP urges Nigerians to curb Naira Abuse, outlines legal Implications

Funke Olaode

As the controversy surrounding the sentencing and prison term of cross-dresser Bobrisky continues, Tope Adebayo LP (TALP), a full-service law firm based in Lagos, has called on Nigerians to curb Naira abuse and recognise the currency as a symbol of national pride and lifeblood of the nation’s economy.

In a published paper titled Examining the Abuse of Naira Notes in Nigeria: A Legal and Comparative Perspective, the law firm explores the legal framework governing various forms of Naira abuse, contrasts the regulatory landscape in Nigeria with that of the U.S while analysing the effect of the socialites’ pleas on enforcement.

“Currency serves as the lifeblood of any nation’s economy, embodying its value and facilitating economic transactions. In Nigeria, the Naira stands as a symbol of national pride and economic stability. However, despite its significance, the abuse of Naira notes has become a pervasive issue in the country, undermining its integrity and the respect it commands. Recent high-profile cases, such as the arrest, prosecution, and conviction of socialites—Idris Okuneye, popularly known as ‘Bobrisky’, and Nollywood actress Oluwadarasimi Omoseyin, for their involvement in Naira note abuse—highlight the seriousness of the issue.

Additionally, the arrest and pending trial of another socialite, Pascal Okechukwu, popularly known as ‘Cubana Chief Priest’, further underscores the prevalence of this illicit activity,” the paper states.

The paper highlights Section 21 (1) – (3) of the Central Bank of Nigeria (CBN) Act 2007, which addresses Naira abuse, noting that “the abuse of Naira notes is governed primarily by the (CBN) Act 2007 and this statute confers upon the CBN the authority to regulate the issuance, distribution, and handling of currency within the country. Section 21 of the CBN Act specifically prohibits the abuse of Naira notes, prescribing penalties for offenders, including fines and imprisonment.”

While acknowledging that many Nigerians were unaware of the law until recently, the paper argues that the legal frameworks in the United States are more comprehensive. For example, 18 U.S.C. § 333 prohibits the mutilation, diminution, and defacement of the Dollar, with violators subject to fines and imprisonment.

It would be recalled that both Omoseyin and Bobrisky were sentenced to six-month prison terms after pleading guilty, Cubana Chief Priest is still awaiting trial after pleading not guilty and granted bail by the Federal High Court. Unlike the cases of Bobrisky and Omoseyin, the not-guilty plea triggers a legal process where evidence and arguments are carefully scrutinised, ultimately leading to a court judgment.

“The consequences of Naira note abuse are multifaceted, one of which is that it compromises the durability of the currency, leading to premature deterioration. The desecration of a national currency (Naira) undermines its symbolic value and reflects poorly on the country’s image domestically and internationally.

Despite the existence of legislation, enforcing laws against currency abuse remains a significant challenge in Nigeria. Limited resources, lax enforcement mechanisms, and cultural attitudes towards money contribute to the prevalence of Naira abuse. Unlike in the USA where stringent enforcement and public awareness campaigns are in place,” the article submitted.