For reportedly paying themselves in dollars as Ramadan Allowance, Dr Yemi Farounbi has called for the prosecution of members of the House of Representatives, describing them as criminals in power.
Members of the lower chamber of the National Assembly reportedly claimed that the sum of $5,000 they each recently received was not a bribe to approve the State of Emergency declared by President Bola Tinubu on Rivers State.
Rather, they reportedly claimed that the amount was a Ramadan Allowance for each and every members of the House of Representatives.
Dr Farounbi, while reacting to the claim of Ramadan Allowance by the criminals in power, stated in a release on Tuesday, that it was a criminal act for them to transact in foreign currency, in the first place.
The former Ambassador of Nigeria to the Philippines, urged the Economic and Financial Crimes Commission (EFCC) to effect the arrest and prosecution of the federal lawmakers without any further delay.
The call by Dr Farounbi for the prosecution of the federal lawmakers over the Ramadan Allowances was in tandem with the position of the Central Bank of Nigeria (CBN) which called for a fine or jail term for such criminals in power.
“Members of the House of Representatives claimed that the $5,000 they received is not a bribe to make them approve the State of Emergency declared on Rivers State by President Tinubu.
“I accept their statement as the truth.
“However, our official currency for usage is certainly not dollar. For all I know, the official currency for all transactions in Nigeria is Naira.
“It is a brazen criminal act for the House of Representatives to engage in any transactions in the US dollars.
“It is the greatest disrespect to our national currency, worse than those of musicians who misuse Naira notes at parties.
“And this is Nigeria, a country that is trading crude oil with Dangote Refinery in Naira because Nigeria is short of dollars.
“In this country, we demonise the elite private schools and universities that denominate fees in dollars.
“Now that our national legislative house has flagrantly disrespected one of the symbols of our sovereignty, which is the Naira, what do you expect the common man to do?
“The Economic and Financial Crimes Commission (EFCC) must move in to arrest these supposedly national flag-bearers who have dollarised our economy.
“The anti-graft body, EFCC, must find out the source of the dollars. Who appropriated the dollars and which vote?
“These are the criminals in power who are expected to make laws that will improve and strengthen the economy.
“EFCC must arrest and prosecute these criminals today,” Dr Farounbi, a veteran broadcast journalist asserted in the release.
CBN stipulates fine, six-month imprisonment for offenders
The call by Dr Yemi Farounbi for the prosecution of those he described as criminals in power was in tandem with the position of the Central Bank of Nigeria (CBN) over the use of foreign currency as a medium of exchange in Nigeria.
The apex bank had, in a recent press release, tagged “The Use Of Foreign Currency As A Medium Of Exchange In Nigeria,” frowned against such an act, saying it was in contradiction to the provisions of the CBN Act of 2007.
Ibrahim Mu’azu, CBN Director of Corporate Communications, stated in the release that whoever that contravened the provision was guilty of an offence and shall be liable on conviction to a prescribed fine or six months imprisonment.
The apex bank had also called on the general public to report any contravention of the provision of the Act to the EFCC and the CBN for appropriate action.
“The attention of the Bank has been drawn to the increasing use of foreign currencies in the domestic economy as a medium of payment for goods and services by individuals and corporates.
“It has also been observed that some institutions price their goods and services in foreign currencies and demand payments in foreign currencies, rather than the domestic currency (the Naira), which is the legal tender in Nigeria.
“For the avoidance of doubt, the attention of the general public is hereby drawn to the provisions of the CBN Act of 2007, which states inter-alia that “the currency notes issued by the Bank shall be legal tender in Nigeria…for the payment of any amount.”
“Furthermore, the Act stipulates that any person(s) who contravenes this provision is guilty of an offence and shall be liable on conviction to a prescribed fine or six months imprisonment.
“This prohibition, however, is without prejudice to foreigners, visitors and tourists who are encouraged to continue to use their cards for payments or exchange their foreign currency for local currency at any of the authorised dealers’ outpost.
“The general public is hereby advised to report any contravention of the provision of this Act to the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) for appropriate action,” Ibrahim Mu’azu had stated in the release.
