Cyprian Edward-Ekpo, Director-General of the Institute of Law Research & Development at the United Nations and head of the Universal School of Eclectic Analysis, Legal Research & Law Studies (UNISERL), has criticized the Economic and Financial Crimes Commission (EFCC) for indirectly promoting the practice of spraying dollars at events, thereby exacerbating economic issues in Nigeria.

Commenting on the recent trend of US dollars being circulated at high-profile events in Nigeria, the professor of International Environmental and Public International Law argued that while the EFCC aims to curb the spraying of Nigerian currency at such occasions, it has inadvertently fostered a more significant issue: the dollarization of the economy. Nigerians now prefer spraying dollars to avoid legal consequences, he noted.

Edward-Ekpo, also an author, remarked, “This is a clear indication of the intellectual poverty afflicting our society, particularly when parliament members exemplify intellectual disgrace.”

Referring to Section 21(3) and sub-section 21(5) of the CBN Act 2007, the internationally renowned law professor voiced his disapproval, arguing that the practice clashes with the traditional African custom of spraying money at events. He insisted that only substances and liquids, not monetary forms like coins or notes, are capable of being sprayed.

In his words: “Coins and banknotes are not meant to be sprayed. Only substances and liquids, such as powder, perfume, and water, fit this purpose.”

He further stated, “Such a law is rendered ineffectual and meaningless when evaluated through the lenses of etymology and semantics.”

Concluding his critique, Edward-Ekpo questioned the wisdom of enacting what he deemed an “inordinate law,” merely to provide an overzealous government agency with an excuse to abuse power and violate human rights.

The professor dismissed the law prohibiting the circulation of naira at events under the guise of “spraying and mutilation” as an unnecessary legal provision that fails to benefit Nigeria’s economy.

Last updated on September 13th, 2024 at 09:59 pm