Acting director of Corporate Communication at the Central Bank of Nigeria (CBN), Osita Nwanisobi, has warned against spraying of cash at public events in the country. Citing Section 21(3) of the CBN Act, 2007 (as amended), Nwanisobi said the public display of wealth at parties is immoral and unpatriotic. He hinted that the CBN through the EFCC and the police will go after people who spray money wantonly at public occasions to get them prosecuted.
Given the directive, public analysts said the EFCC and police authorities might soon come after billionaire businessman, Obi Iyiegbu popularly known as Obi Cubana, Emeka Okonkwo popularly known as E-Money, Pascal Okechukwu popularly known as Cubana Chief Priest, Zubby Michael and hundreds of celebrities who have the habit of throwing wads of cash around at public functions.
Noting the July burial ceremony of his mother in Anambra where billions of naira and foreign currencies were thrown around, the authorities said Obi Cubana and others might face arrest and prosecution if the trend continues. The same also applies to Yahoo Boys, night clubbers, entertainment artistes, and party-goers who attract attention by spraying large bulk of money in the air for people to trample upon.
Nwanisobi said the naira note is a legal tender in Nigeria and must not be disrespected at public functions without legal repercussions. He said merchants who also hawk new currency notes at parties will also face the wrath of the law when they are charged to court for abuse of the naira. While anyone can report money sprayers and abusers to the police for prosecution, the CBN acting director said the authorities will work with law enforcement agents to bring an end to the trend.
“Spraying of, dancing or matching on the naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute abuse, and defacing of the naira or such note shall be punishable under the law by fines or imprisonment or both”, a relevant CBN Act states.
In a related development, Obi Cubana has reportedly bought a 2021 Mercedez Benz GLE 53 worth more than N100 million naira for his wife at his Abuja residence. According to insiders, the mysterious billionaire who came in sudden limelight following the lavish burial ceremony of his mother in July loves to live life to the fullest. He was said to have even gone to the Maldives to destress after the ceremony in Anambra State.
