Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede has disclosed that 18 of Nigeria’s 36 sitting governors are currently under investigation for alleged financial misconduct.
Speaking at a sensitization event in Lagos on Friday, Olukoyede warned that **those found culpable would face prosecution after their tenure ends The event, targeting filmmakers, musicians, and bureau de change operators, aimed to curb **naira abuse and financial crimes**.
Ex-Governor’s Lavish London Birthday Stunt
Olukoyede recounted a bizarre incident involving a former governor who spray £10 notes at his birthday party in the UK.
The hotel manager, shocked by the spectacle alerted authorities, leading to the ex-governor’s arrest by London police
The suspect, already under EFCC investigation, had fled Nigeria immediately after his tenure** to evade arrest.
His associates, including two serving governors intervened, convincing UK officers he was not mentally unstable**—just recklessly extravagant.
Crackdown on Naira Abuse
Olukoyede condemned the rampant mutilation and spraying of naira at social events, stressing:
“The naira is a national symbol—abusing it disrespects our sovereignty.”
The EFCC is collaborating with the CBN to prosecute offenders, including celebrities and public figures
He dismissed claims that money-spraying is culturalstating “Throwing hard-earned cash in the air is criminal, not tradition.”
Supreme Court Backs EFCC’s Powers
In a landmark November 2024 ruling the Supreme Court dismissed a suit by 19 governors challenging the EFCC’s authority. Justice Uwani Abba-Aji declared:
“EFCC’s laws are valid—states cannot override federal anti-corruption mandates.”
Olukoyede hailed the judgment, affirming: *”We can now investigate serving governors—only prosecution awaits their exit.”
Recovered Funds Fueling National Projects
The EFCC has channeled seized assets into key initiatives, includ:
N100 billion to the National Education Loan Fund (NELFund) and Consumer Credit Scheme (CrediCorp).
– A confiscated Kaduna property converted into the Federal University of Applied Sciences, Kachia
NOA Director-General Lanre Isa-Onilu urged Nigerians to **honor the naira
“It’s not confetti—it’s a national asset. Respecting it means respecting Nigeria.”
With unprecedented legal backing the EFCC vows to intensify its crackdown on corruption— regardless of office or status
