Following the judgment by Justice Kehinde Ogundare of the Federal High Court in Lagos, concerning the three-count charges of Naira note abuse against Okechukwu Pascal (alias Cubana Chief Priest), it is important to highlight that the Economic and Financial Crimes Commission (EFCC) acted within its legal mandate under Section 14(2) of its Establishment Act, 2004.
This provision allows the EFCC to compound offences by accepting a monetary settlement exceeding the maximum statutory fine. In this case, Cubana Chief Priest was fined N10,000,000 (Ten Million Naira), significantly higher than the N50,000 (Fifty Thousand Naira) typically associated with his offence. This decision was made following an application from the defendant’s counsel, Chikaosolu Ojukwu, SAN, under Section 14(2) of the EFCC Act.
Additionally, Cubana Chief Priest is mandated to lead a comprehensive sensitization campaign against the abuse of Naira notes, as per the Central Bank of Nigeria (CBN) Act. He is required to post bi-monthly videos on his social media platforms promoting this cause.
The EFCC’s Special Task Force against Naira Abuse and Dollarisation continues its unwavering commitment to safeguarding the integrity of Nigeria’s legal tender. This court ruling should encourage all Nigerians to uphold the sanctity of the Naira and avoid violations against the national currency.
