About half of Nigeria’s sitting state governors are currently under investigation by the Economic and Financial Crimes Commission (EFCC) for alleged corruption and financial crimes, the agency’s chairman, Ola Olukoyede, has revealed.
Speaking in Lagos on Friday during a sensitisation session for movie producers, musicians and bureau de change operators, Olukoyede disclosed that 18 out of the 36 governors are being investigated — with more action to follow once their constitutional immunity expires.
“As I am talking to you, I am investigating about 18 governors who are still serving. When they leave (office), we will go to the next level,” he said.
While he did not name the governors, Olukoyede cited a past case where a former governor fled the country to evade arrest, only to be apprehended abroad for spraying pounds sterling at his birthday party an incident that highlighted both naira abuse and money laundering concerns.
The EFCC chairman used the event to renew his warning against naira abuse, describing the spraying and stamping of naira notes at parties as illegal under the CBN Act and punishable by law.
He stressed that the agency, in collaboration with the Central Bank of Nigeria, has ramped up arrests and public awareness campaigns, urging celebrities to help discourage the practice.
“The Naira is not confetti. It is a national asset that demands respect. In every performance, let one of your opening lines be a reminder that spraying or stamping on the naira is a crime,” Olukoyede said.
He also noted that recovered stolen funds have been redirected into social investment programmes like the National Education Loan Fund (NELFund) and the Consumer Credit Scheme.
The Supreme Court’s November 2024 ruling dismissing a lawsuit by 19 state governors challenging the EFCC’s powers has strengthened the commission’s authority to investigate sitting governors, even though they cannot be prosecuted until they lose immunity.
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