Cubana Group Chief Executive Officer, Obinna Iyiegbu aka Obi Cubana, Nollywood actor, Kanayo O Kanayo, and a host of others risk six months in prison after breaching the Central Bank of Nigeria (CBN) rule on ‘abusing naira notes.’
Obi Cubana, dominated social media trends for close to four days following the lavish burial ceremony he organised for his late mother, Ezinne Iyiegbu over the weekend.
The funeral rites was graced by Kanayo O. Kanayo, E-Money, Davido, Alex Ekubo, amongst other celebrities.
Founder of Naira Bet and House of Reps member, Akin Alabi, was also in attendance at the event.
In one of the videos posted online, Obi Cubana is seen spraying naira notes to persons around him.
In another clip, he is seen dancing on naira notes sprayed on him by guests while Kanayo O Kanayo and other attendees were also captured on video spraying Cubana naira notes.
The Central Bank of Nigeria (CBN) had earlier warned against such, saying that it is ready to work with the police and the Ministry of Justice to jail anybody who sprays money in a party.
“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.
“It is the duty of law enforcement agencies to catch offenders and take them to court. Our collaboration with the police will intensify as we move to implement the mobile court for offenders,” It said in a statement.
The act of spraying naira and dancing on the note is an abuse of Nigeria’s currency, and it contravenes Section 21 of the CBN Act 2007, which stipulates six months jail term.
According to the act:
(1) A person who tampers with a coin or note issued by the Bank is guilty of an offence and shall on notes and coins imprisonment for a term not less than six months or to a fine not less than N50,000 or to both such fine and imprisonment.
(2) A coin or note shall be deemed to have been tampered with if the coin or note has been impaired, diminished or lightened otherwise than by fair wear and tear or has been defaced by stumping, engraving, mutilating, piercing, stapling, writing, tearing, soiling, squeezing or any other form of deliberate and willful abuse whether the coin or note has or has not been thereby diminished or lightened.
(3) For the avoidance of doubt, spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under Sub-section (1) of this section.