One of the intrinsic elements of democracy is strong institutions. Strong, efficient and unyielding institutions are what, at least on paper, separate a democratic nation from a fascist or authoritarian government where a man wields absolute power without any checks or balances.
In Nigeria, ours is a democratic system but without the trappings and benefits of that exceedingly glorified system of government that is touted to be the best for our struggling nation.
The elements that underpin democracy are conspicuously absent in our milieu. The situation has become progressively worse since the coming to power of the current government. Rule of law, separation of power, checks and balances and other key principles and doctrines inherent in democracy have disappeared as the government continues its weakening of our institutions, which effectively lay the groundwork for state capture and consolidation of power.
One of the institutions that has been severely weakened by those in power and largely deviated from its primary task is the Economic and Financial Crimes Commission (EFCC). The foremost anti-graft agency, which was established to fight corruption and malfeasance in the public and the private sector, has become a tool of blackmail and persecution in the hands of the ruling party.
Over the years, the EFCC has become known for its proclivity for chasing shadows and majoring in the minor. One of the actions of the EFCC that underscores the erosion of the agency’s independence and impartiality and in turn effectively hampering its efficiency is enforcement of the naira abuse law.
The Central Bank of Nigeria (CBN) Act of 2007 indeed prohibits the abuse of the naira, including spraying at parties. But this law was enacted in a different era, under different circumstances.
However, the enforcement and application of this law has been noticeably selective, which, to many Nigerians who have followed the activities and operations of the anti-graft agency in recent years, is not a surprise.
Last week, popular Lagos socialite and businessman, Emeka Okonkwo Daniel, known to many as E-Money, was apprehended for allegedly spraying United States dollars at an event. Sources within the commission, he was picked up on Monday night at his residence in the Omole area of Lagos for violating the Foreign Exchange Act.
E-Money is the latest in the growing list of offenders nabbed by the agency in its crusade against “currency abusers”
It will be recalled that popular crossdresser Bobrisky was arrested on April 4, 2024, for Naira abuse, which eventually led to a six-month conviction by Justice Abimbola Awogboro of the Federal High Court in Lagos on April 12, 2024.
Pascal Okechukwu, popularly known as Cubana Chief Priest, was arraigned by the Lagos Zonal Command of the EFCC on a three-count charge of Naira abuse before Justice Kehinde Ogundare at the Federal High Court.
One would have expected the EFCC to go about its fight against naira abuse with some level of impartiality, without fear or favour, enforce the law across board no matter whose ox is gored, but unfortunately the agency can’t be trusted even in matters of small infractions like currency abuse.
In January, a video of Wahab and Raheem, sons of billionaire businessman, Chief Razaq Okoya, spraying naira at a party went viral. While the offenders only got a perfunctory invite from the EFCC, which came after the public heavily criticised the agency for not going after the billionaire sons with the same zeal and enthusiasm it went after previous offenders, nothing much has been heard about the matter. No arraignment, no sentence or fine like it was in the case of Cubana chief priest and Bobrisky.
We’ve all seen videos of politicians spraying money at campaign rallies and political gatherings. How many of them have been arrested or prosecuted? The answer is Zilch. It seems the law only applies to socialites and celebrities, not to those in the corridors of power.
The EFCC needs to reevaluate its priorities and modus operandi. While enforcing all aspects of our laws is important, the commission must recognise that it operates in a milieu with lean and scarce resources. It simply cannot expend its energy and limited resources on every infraction, especially minor ones like naira abuse, while turning blind eyes to more heinous crimes that have a far greater impact on our economy and national development.
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