The Economic and Financial Crimes Commission stated that it acted in accordance with Section 14 of its establishment act in response to the court judgment on Cubana Chief Priest.
To this end, the N10,000,000 the court fined Cubana Chief Priest far exceeded the N50,000 his offence carries. This is in response to the application made to the EFCC by counsel to the defendant, Chikaosolu Ojukwu, SAN, seeking the compounding of the offences under Section 14 of the EFCC Act. Additionally, Cubana Chief Priest would henceforth lead rigorous and intensive sensitization or campaign against abuse of coins and notes issued under the Central Bank of Nigeria, CBN Act.
The court also ruled that, “the defendant shall bi-monthly post on his various social media handles a minimum of two video clips of his sensitization/ campaign against abuse of naira and sundry offences”. All of these are strict deterrence meant to separate Cubana Chief Priest from future desecration of the Naira.
The Special Task Force against Naira Abuse and Dollarisation of the economy is still in place. The Commission remains undeterred in the pursuit of its lawful mandate and the court’s ruling on Cubana Chief Priest should stimulate enhanced commitment of Nigerians to defend the sanctity of the Naira and refrain from any infraction against the nation’s legal tender.