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ICPC arrests Nigerian businesswoman for selling new naira notes online

On Wednesday, the Independent Corrupt Practices and other Related Offenses Commission (ICPC) detained a woman for allegedly selling the recently introduced naira notes online. 

According to a statement by ICPC spokesperson Azuka Ogugwa, the suspect, Oluwadarasimi Emma, was detained for allegedly selling the new naira notes to the general public via Twitter.

The ICPC said the suspect was found and detained following intelligence gathering. 

The alleged crime: According to the report, Ms Emma who is a businesswoman dealing in skin care products and travel-related services, took advantage of the prevalent cash scarcity crisis to start a company that openly sells the new banknotes. The ICPC said:

  • “The arrest was a result of intelligence received which led the ICPC operatives to seek out and promptly arrest the suspect. It is believed she is in collusion with key elements in the financial services sector diverting the newly released notes away from banking halls, and payment channels into a black market”. 

She is currently in ICPC detention and is helping the Commission with its findings on the criminal trading of the naira and the attendant scarcity and negative economic outcomes being caused by the action. 

The action is in furtherance of the collaboration between CBN ICPC and EFCC in implementing the new cashless policy and naira redesign. 

Nigerians react: Many Nigerians have since reacted to the arrest. Highlighted below are some of the comments.

  • kaizer747 said: “When are you going to clamp down on top bank officers selling naira notes to politicians?” 
  • Lamar_ralph said “Well makes sense to me. But this practice isn’t new at all. People have been selling old naira notes mints for ages past. Is that supposed to be a thing in a nation? Like buying currency with your own money when it’s not a different currency.”
  • EniolaRowell said: “There’s someone selling these new notes for political agenda sha. You should start by investigating that.”


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