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Home Opinions

Obi Cubana: CBN policy on the consequences of spraying money

Op-Ed Contributor by Op-Ed Contributor
July 19, 2021
in Opinions, Spotlight
Obi Cubana: CBN policy on the consequences of spraying money
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For much of last week, culminating in the weekend, the internet was awash with news and pictures from the burial ceremony of the septuagenarian mother of popular Nigerian businessman and socialite, Obi Iyiegbu, a.k.a Obi Cubana.

The burial, which was attended by hordes of Nigerian celebrities from the business and entertainment space lit up the small, otherwise quiet town of Oba in Anambra state in what can only be described as a carnival that lasted for several days.

Obi Cubana and his rich friends put up a formidable jamboree, drawing crowds of people with no nose masks and no apparent care for either the Covid-19 pandemic or the government’s health protocols put in place to check the spread of the virus.

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The boisterous celebration which saw notable artists like D’banj and Davido in performance will also be remembered for the wads of naira notes lavishly thrown around at the event. Videos abound online of guests wantonly spraying N200, N500 and N1000 notes at the chief mourner.

Recall that in 2018, the CBN issued a warning to Nigerians against spraying money at parties, insisting that those who flout this warning were at risk of a six-month jail term or a fine of N50,000. A statement by CBN’s spokesperson, Isaac Okorafor read:

READ: CBN opposes bid to remove Arabic inscriptions from Naira notes

“If a celebrant is dancing and you spray him/her, you may go to jail from the party venue, because the law enforcement agents will be there, waiting to arrest you.

The law enforcement agencies must catch offenders and take them to court. Our (CBN) collaboration with the police will intensify as we move to implement the mobile court for offenders.”

The spokesman added that the CBN had concluded the decision to establish mobile courts to prosecute those abusing the naira notes, noting that security agencies particularly the police operatives and officials of the Ministry of Justice would be involved in monitoring the use of the naira at event venues to ensure that the CBN order is enforced nationwide.

READ: CBN has begun clamping down on naira abusers

In June this year, the CBN reiterated this warning during a sensitization program in Abeokuta, where an Assistant Director at the Currency Operations Department, Aladeen Badajo stated:

“Abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”

Rather interesting, is the fact that the burial ceremony of the mother of the Cubana Group boss was replete with the police officers and other security operatives, including a well-known Deputy Commissioner of Police and leader of the Inspector-General of Police’s Intelligence Response Team, Abba Kyari, who stated that he attended the burial to honour a good friend.

The heavy police presence notwithstanding, nothing has been said of a possible arrest of guests, either for flouting COVID-19 directives or for blatantly disregarding the CBN’s jail threats for abuse of the naira.

This is not the first, second, third or even tenth time that these policies are being openly disregarded with no apparent consequences from regulatory authorities. Politicians and members of the bourgeois class do it all the time with their high society weddings and funerals. Are Nigerian elites above the law? Better still, if these policies are not to be backed by enforcement, is there really any point in making them in the first instance?


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Tags: Obi Cubana
Op-Ed Contributor

Op-Ed Contributor

Nairametrics frequently publishes articles from experts such as financial analysts, economists, researchers and investors. We also feature articles from guest writers and bloggers who wish to push their views and opinions through our platform. To get your articles on Nairametrics, kindly send an email to info@nairametrics.com and we will publish it within 24 hours of approval by our editorial team.

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Comments 51

  1. Chibykes says:
    July 19, 2021 at 7:12 pm

    What’s Ur point then…?
    And why are you resuscitating it now…?

    Reply
  2. Anonymous says:
    July 19, 2021 at 7:32 pm

    Jelousy ? why not pray for God’s blessing instead of envying him

    Reply
    • Concerned Citizen says:
      July 20, 2021 at 8:41 am

      You’re foolish and among the reason why our country does not seem to have a future

      Reply
  3. Eff G Men says:
    July 19, 2021 at 9:22 pm

    You should know by the now that the law only applies to regular folk and not the political elites.

    Reply
  4. Nora says:
    July 19, 2021 at 9:38 pm

    (Yawn)…..neeext

    Reply
  5. Anonymous says:
    July 19, 2021 at 10:29 pm

    This CBN law is very lose and unenforceable. Nothing but a toothless dog law.

    Reply
  6. Anonymous says:
    July 19, 2021 at 10:35 pm

    Abeg rest

    Reply
    • Ifeanyichukwu ***** says:
      July 20, 2021 at 11:13 am

      Was Obi Cubana the one spraying the money? Why disturbing the $ billionaire

      Reply
  7. Davidson says:
    July 20, 2021 at 4:10 am

    The money spreading policies and most of the other policies in Nigeria are for the poor… Lols.

    Reply
  8. Anonymous says:
    July 20, 2021 at 4:15 am

    This law its shit,the main problem to this society they wouldn’t see them to arrest…abeg make them leave those talk..

    Reply
    • Maxwell says:
      July 20, 2021 at 1:37 pm

      Money is good

      Reply
  9. Anonymous says:
    July 20, 2021 at 6:05 am

    Lol even if cbn comes after them 50k is chicken change

    Reply
  10. Ego says:
    July 20, 2021 at 6:28 am

    We are still reading the news. It’s not a new one ???

    Reply
  11. Bams says:
    July 20, 2021 at 6:40 am

    Such law is for the weaker ones in this our society. It suppose to be what is good for this should be good for others. Don’t be surprised if you hear tomorrow that one ordinary man is arrested and arraigned before court for flaunting CBN policy on spraying Naira notes in a party.

    Reply
  12. Vinlight says:
    July 20, 2021 at 7:23 am

    You will not make law that will better the life of the citizens. Is CBN not seeing the incessant hike of prices of goods in the country? Why not make law that will regulate prices of goods and services. CBN policy my foot.

    Reply
  13. Vinlight says:
    July 20, 2021 at 7:25 am

    CBN will not make law that will better the life of the citizens. Is CBN not seeing the incessant hike of prices of goods in the country? Why not make law that will regulate prices of goods and services. CBN policy my foot.

    Reply
    • LOLU says:
      July 21, 2021 at 8:45 pm

      May your days be long and fruitful with this comment. I am so happy right now. Let them go and collect their #50,00 now.
      So I quote “Rather interesting, is the fact that the burial ceremony of the mother of the Cubana Group boss was replete with the police officers and other security operatives, including a well-known Deputy Commissioner of Police and leader of the Inspector-General of Police’s Intelligence Response Team, Abba Kyari, who stated that he attended the burial to honour a good friend”

      What more can we say? Policy my foot.

      Reply
  14. Anonymous says:
    July 20, 2021 at 7:44 am

    Sometimes eh, i wonder the kinda people wey dey write this things. I refuse to be poor

    Reply
  15. Anonymous says:
    July 20, 2021 at 8:02 am

    Arrant rubbish
    Oga go and make money

    Reply
  16. Anonymous says:
    July 20, 2021 at 8:42 am

    Who ask you? ??

    Reply
  17. Fa4d1 says:
    July 20, 2021 at 8:50 am

    I was actually expecting this sermon…Next Topic Please

    Reply
  18. Anonymous says:
    July 20, 2021 at 9:00 am

    Drink water and stop talking crap

    Reply
    • Anonymous says:
      July 21, 2021 at 2:15 pm

      Money is good

      Reply
  19. Kevin says:
    July 20, 2021 at 9:07 am

    This country shaa, shey the CP of Anambra state was there and lots of Police officials and even governors and senators were there. None of them did anything about it oo, what’s the point of this sef..

    Reply
  20. oluwafemi ogunlola suenu says:
    July 20, 2021 at 10:05 am

    Which of their policies have translated to food for the masses, Nigerians are hungry

    Reply
  21. Ify says:
    July 20, 2021 at 10:24 am

    Money is good I refuse to be poor
    Obi cubana nye mu ego ooooooooo ?

    Reply
    • Anonymous says:
      July 20, 2021 at 2:26 pm

      Lol.. 50k… U dey whine obi Cubana ni… he’ll add two more zeros for u if u want

      Reply
  22. Anonymous says:
    July 20, 2021 at 10:59 am

    Nigeria has more pressing problems!

    Reply
  23. Anonymous says:
    July 20, 2021 at 11:25 am

    Some of them were they picking the ego. Check their shoes under.

    Reply
  24. Anonymous says:
    July 20, 2021 at 11:30 am

    This is Nigeria

    Reply
  25. Blessing says:
    July 20, 2021 at 11:58 am

    I regret been a Nigerian. Worst country ever

    Reply
  26. Harcourt says:
    July 20, 2021 at 12:54 pm

    There is God oooo

    Reply
  27. Maxwell says:
    July 20, 2021 at 1:35 pm

    Like

    Reply
  28. Anonymous says:
    July 20, 2021 at 2:04 pm

    ??????

    Reply
  29. Big General says:
    July 20, 2021 at 2:18 pm

    What goes around comes around.

    Reply
  30. Anonymous says:
    July 20, 2021 at 5:24 pm

    God would help our dear nation

    Reply
  31. Joseph ijele says:
    July 20, 2021 at 10:22 pm

    Nonsense CBN what is your problem go and tell obi Cubana and see if he will help you ofcos I know he will his man of honor

    Reply
  32. Ain't care says:
    July 20, 2021 at 11:32 pm

    50k really??
    You dey threaten Billionaires with 50k?
    They will do it over and over again

    Reply
  33. Opeyemi says:
    July 21, 2021 at 6:11 am

    Help me too

    Reply
  34. Sonny says:
    July 21, 2021 at 7:36 am

    we are Nigerian. T our culture. Nothing can stop us. Useless policies.

    Reply
  35. Anonymous says:
    July 21, 2021 at 8:22 am

    Cubana law

    Reply
  36. Iykerich says:
    July 21, 2021 at 9:20 am

    Jealous folks, sit there and don’t go and make money. CBN policy my foot!!

    Reply
  37. Alfred Johnson awah says:
    July 21, 2021 at 9:20 am

    You are so bitter, get a life!!

    Reply
  38. Iykerich says:
    July 21, 2021 at 9:23 am

    Jealous folks. Sit down there and don’t go and make money. CBN policy my foot!!!

    Reply
  39. Faleke Sunday says:
    July 21, 2021 at 10:28 am

    Instead of helping the jobless youth, he was busy lavishing money on the dead body that would be buried in soil. That is the highest foolishness of some of the man kind.

    Reply
  40. Anonymous says:
    July 21, 2021 at 2:07 pm

    This post is as useless as the writer.
    Nah jealousy dey worry all of una.

    Reply
  41. Debruyne says:
    July 21, 2021 at 3:37 pm

    Is money more dan life?Abeg make cbn stop dat nonsence

    Reply
  42. Anonymous says:
    July 21, 2021 at 7:51 pm

    Indirect way of beging obi cubana is this one by cbn

    Reply
  43. Anonymous says:
    July 22, 2021 at 8:48 am

    Hungry cbn that doesn’t want any good you think stopping Crypto will stop men from eating money una never see anything

    Reply

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