The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that 18 current Nigerian governors are under active investigation for alleged corruption. Speaking in Lagos during a sensitization event on Friday, Olukoyede noted that these cases are ongoing and more serious actions will follow once the governors leave office and their immunity ends.
Olukoyede made the disclosure while addressing entertainment industry professionals and bureau de change operators on the consequences of naira abuse and financial crimes. He emphasized that public officials will be held accountable, regardless of their position or influence.
During his remarks, the EFCC boss also recounted the story of a former governor who fled to the UK to evade arrest shortly after completing his term. The ex-governor, who had been under EFCC watch, hosted a lavish birthday party in London, during which he was caught on camera spraying £50 and £10 notes. The incident prompted hotel staff to alert authorities, leading to his brief arrest by UK police. The event drew attention not only because of the money spraying but also because two serving Nigerian governors were reportedly present.
Olukoyede criticized the normalization of currency abuse at social events, urging Nigerians to treat the naira with respect. He condemned practices such as spraying, mutilating, or stamping on banknotes, calling them unlawful and financially damaging to the country.
“The naira is not just money—it symbolizes our national identity,” he said. “Throwing it in the air is both wasteful and criminal.”
He urged musicians and entertainers to use their platforms to educate fans on responsible handling of money, suggesting that every public performance should begin with a reminder that naira abuse is illegal.
The EFCC chairman also disclosed that some of the agency’s recovered funds are being channeled into national development initiatives. These include contributions of N100 billion to the National Education Loan Fund and the federal government’s Consumer Credit Scheme. Additionally, seized properties have been converted for public use, including a new federal university in Kaduna State and NDDC facilities in Bayelsa.
Backing up Olukoyede’s position, the Director General of the National Orientation Agency (NOA), Lanre Isa-Onilu, emphasized that disrespect for the naira reflects a deeper erosion of national values. “The naira is not an ornament or a status symbol—it’s a national asset,” he said.
Recent Supreme Court support has further empowered the EFCC’s operations. In a major ruling delivered in November 2024, the apex court dismissed a lawsuit brought by 19 governors challenging the legitimacy of the EFCC and other anti-corruption agencies. The court affirmed that the National Assembly has the authority to create such bodies, and that their jurisdiction applies across all levels of government.
The ruling strengthened the EFCC’s legal footing, especially in probing serving officials. Though prosecution can only begin once a governor leaves office due to constitutional immunity, the EFCC has been emboldened to continue investigations unhindered.
Olukoyede concluded by urging public servants and citizens alike to align with national values and resist the urge to misuse state resources or mock the nation’s financial system. “The era of hiding behind office titles is coming to an end,” he said.
