Arresting Corrupt Politicians More Beneficial Than Naira Abusers – Expert to FG

 

A finance expert, Okechukwu Unegbu has tasked the Nigerian government to go after politicians accused of looting the treasury.

 

According to him, that would be more beneficial to the government than the current trend of arresting naira abusers.

 

Unegbu, a past president of the Chartered Institute of Bankers of Nigeria, CIBN, gave the advice in an interview with newsmen on Monday in Abuja.

 

He spoke against the backdrop of the recent arrest and prosecution of some Nigerians by the Economic and Financial Crime Commission, EFCC, for abusing and mutilating the Naira.

 

Recall that the Central Bank of Nigeria, CBN, Act 2007 criminalises abuse of the Naira.

 

Section 21 of the Act listed spraying, dancing or stepping on the Naira or any other notes issued by the CBN during social occasions as constituting an abuse and defacing of the currency.

 

The law provides that such acts are punishable by a six months imprisonment or a fine of N50,000 or both.

 

According to Unegbu, spraying money at social events has done less damage to the Nigerian economy when compared to looting of the treasury and other financial crimes committed by mostly politicians.

“Bringing treasury looters and corrupt politicians to book will be more beneficial to the country than going after those spraying Naira at parties,” he said.