By Ubong Andy Usoro
Nigeria’s obsession with wealth display has reached an alarming level, giving rise to a culture of financial recklessness that is now deeply ingrained in society. The abuse of the naira, particularly the spraying of money at social events, is a glaring symptom of this decay. It reflects not just a disregard for financial discipline but also a deeper societal problem—one where materialism is valued over integrity, and wealth is flaunted rather than prudently managed.
The Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) have repeatedly warned against the abuse of the naira. Yet, at weddings, birthdays, and funerals, people continue to throw currency notes into the air as a show of status. This practice is not just illegal; it reflects a troubling mindset where money is treated as a tool for public validation rather than a means of economic stability.
A clear example of the consequences of this trend was seen recently The Economic and Financial Crimes Commission (EFCC) has arrested Kelly Okungbowa, a close associate to the Edo State Governor, also known as Ebo Stone, for alleged naira abuse.
The arrest was carried out by operatives of the Benin Zonal Directorate on Monday, 17 March 2025.
According to reports Okungbowa was caught on video spraying freshly minted naira notes on two strippers at a private party.
The action, which violated Nigeria’s financial laws, drew widespread public attention and condemnation. The case highlights how even public figures—who should be custodians of discipline and order—are caught up in this culture of reckless spending.
Similarly, popular crossdresser and social media personality Bobrisky was recently sentenced to six months in prison for naira abuse. The ruling sent a strong message that no one is above the law, regardless of status or popularity. However, despite such high-profile cases, naira abuse remains rampant, showing that enforcement alone may not be enough without a societal shift in values.
The rise of what is popularly called “fake life” further worsens this problem. Social media has fueled a culture where many feel pressured to showcase a lifestyle they cannot afford. The result is people borrowing money to host lavish parties, rent expensive outfits, and maintain an image of affluence. Meanwhile, many young people, seeing this trend, are tempted to engage in fraudulent activities just to “belong.”
Beyond the spectacle, the abuse of money signifies a lack of financial literacy and misplaced priorities. In a country where millions struggle to afford basic necessities, the reckless display of wealth highlights a stark inequality. It also raises questions about the source of such funds—especially when public officials and business executives partake in these acts.
If Nigeria is to move forward, there must be a shift in societal values. Wealth should be measured by investments, innovation, and economic contributions, not by how much one can throw around at a party. Law enforcement agencies must take stricter actions against naira abuse, and financial education must be emphasized in schools and public discourse.
Ultimately, changing this mindset requires a collective effort. Until we begin to value hard work, discipline, and responsible financial management over empty displays of affluence, the problem will persist. The abuse of the naira is not just a legal issue—it is a reflection of a society in decline. It is time to rethink our priorities.
Ubong Usoro
