Naira Mutilation: Cubana Chief Priest To Forfeits ₦10m to FG of Nigeria

On June 25, 2024, popular Nigerian socialite and businessman Cubana Chief Priest agreed to forfeit the sum of ₦10 million to the Federal Government of Nigeria as part of a campaign against the mutilation of the naira currency.

This decision comes after the Central Bank of Nigeria (CBN) launched a nationwide sensitization program to educate the public on the dangers of defacing, mutilating, or writing on the naira notes.

Cubana Chief Priest, whose real name is Obinna Iyiegbu, has been a vocal advocate for the protection of the naira and has actively participated in the CBN’s campaign. In a statement released by his team, Cubana Chief Priest expressed his commitment to the cause and urged other influential individuals to join the fight against naira mutilation.

“The naira is our national currency, and we must treat it with respect. As Nigerians, it is our duty to protect and preserve the integrity of the naira. I am proud to be a part of this campaign, and I call on all well-meaning citizens, especially those in positions of influence, to join hands with the CBN in this noble cause,” Cubana Chief Priest said.

The ₦10 million forfeited by Cubana Chief Priest will be used to fund the CBN’s sensitization programs and to support initiatives aimed at promoting the proper handling and usage of the naira.

The CBN has also announced that it will be working with other stakeholders, including banks, merchants, and the general public, to ensure the success of the campaign.

The issue of naira mutilation has been a concern for the Nigerian government for years, as the practice can lead to the devaluation of the currency and make it difficult for the CBN to effectively manage the money supply.

The CBN has warned that individuals found guilty of defacing or mutilating the naira may face up to six months in prison or a fine of up to ₦50,000, or both, as stipulated in Section 21 of the CBN Act 2007.

Cubana Chief Priest’s decision to forfeit ₦10 million to the FG is seen as a significant step in the fight against naira mutilation and a testament to his commitment to promoting the proper handling of the Nigerian currency.

The CBN has expressed its gratitude to Cubana Chief Priest and has called on other influential individuals to follow his example and support the campaign.

Continue reading: Death Toll from Tainted Alcohol In India Rises to 54