June 17, 2024

Arresting corrupt politicians more beneficial than naira abusers – Expert, Unegbu to Nigerian govt

A finance expert, Okechukwu Unegbu, has called on the Federal Government to dissipate more effort in arresting and prosecuting politicians accused of looting the treasury.

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.

DAILY POST reports 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.

”The EFCC should also go after corrupt politicians that have been accused of looting the treasury and causing mass poverty.

“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.

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