AbdulRasheed Bawa, the Chairman of the Economic and Financial Crimes Commission, has applauded and praised the Federal Government over the Central Bank redesign of naira notes, mentioning that it will restrain the illegal buying of votes in the oncoming elections. 

Recall that on Wednesday, 26th of October, Godwin Emefiele, the Governor of the Central Bank of Nigeria announced that the Central Bank of Nigeria is set to release the redesigned naira notes, which is the N100, N200, N500 and N1,000 denominations and will be in circulation from 15th of December, 2022 while the old notes will no longer be accepted as a legal tender from January 31, 2023. 

The Chairman said that this new policy will help in controlling and curbing the illegitimate holding of the currencies and also double-checking the legitimacy and putting it in check. 

‘We welcome the policy, it is a good thing that the country is redesigning its currency, because how can you have an effective monetary policy when you don’t have control over 85 percent of your currencies?’, he said this on Thursday supporting the budget, he mentioned that the Economic and Financial Crimes Commission (EFCC) will partner with the Independent National Electoral Commission (INEC) in a bid to control and restrain the buying of votes for the 2023 election inclusive. 

‘Out there, people are holding it, people are using it to speculate on foreign currencies, and so coming out with this policy, the government is trying to contend with it. I am sure that we will be able to monitor those people that are holding back this money whether legitimately or illegitimately and the right cause of the law will take its course. We will continue to do what we have to do, we are trying to ensure that illegitimate funds are not finding their way into our electoral processes.’ he said. 

People caught in the act of buying votes will be arrested and prosecuted as persons that have been caught previously still have their cases ongoing in court. 

‘I want to use this opportunity to thank the National Assembly for their support as EFCC chairman, particularly the anti-corruption committee. They have been with us 100 per cent.  You remember recently they have worked with us to pass landmark acts and legislations and the president had assented to it. So, we are working with them towards ensuring that this country is free of economic and financial crimes,’ he said thanking the National Assembly for their consistent support.

Bawa, also encouraged the youth to join him in fighting cyber crime and other criminal activities.

‘These are Nigerian youths, they should join me in fighting the scourge of cybercrime. It is part of our mandate to fight cybercrime, advance fee fraud and we are working in conformity with the law. I am pleading with them not to stop doing such things at this time of transition of the country elections, in terms of government efforts to see that the economy is back on track.’