Following the invalidation of the restrictions on the old naira notes under the naira redesign policy by the Supreme Court last Friday, The Human and Environmental Development Agenda (HEDA Resource Centre) has charged the Central Bank of Nigeria (CBN) and the Economic Financial Crimes Commission (EFCC) to clamp down on illicit funds flow transactions by corrupt politicians in cahoots with the commercial banks.

HEDA is also asking the CBN and EFCC to do their utmost best to eradicate vote buying in the country, especially during the forthcoming March 11 gubernatorial and House of Assembly elections.

In a press statement issued by HEDA's Chairman, Olanrewaju Suraju, the anti-corruption group maintained that the circulation of old naira notes as legal tender would create loopholes in the fight against corruption and insurgency in the country it was proposed to achieve.

According to Suraju, Nigerians hoping to benefit from the new naira redesign policy and the attendant hardship, have endured last few weeks of the new naira notes scarcity caused by insufficient supply of the notes by the apex bank and conspiracy of commercial bank officials and such should not go in vain.

HEDA therefore urged the CBN to ensure that the purpose of the naira redesign policy was not forfeited.

“With the Supreme Court judgment delivered that the old notes continue to be legal tender, the Central Bank and other financial institutions must swing into action and deploy some measures to track and counterfeit illicit money flow transactions by corrupt politicians and their allies.

“Improved scrutiny should be intensified by the Nigeria Financial Intelligence Unit and the EFCC to track bank officials, estate managers and Bureau de Changes for suspicious movement of toxic funds within and outside the financial institutions," Suraju said.

He further stressed that vote-buying might be on the high side with the availability of old Naira notes against what was experienced during the Presidential elections, adding that EFCC must sustain its commendable efforts in curbing of vote-buying tactics by politicians aimed at disrupting the integrity of the electoral process.

"Similarly, the anti-graft agency and other law enforcement agencies should also intensify their efforts against vote-buying ahead and during the gubernatorial elections on March 11," he added.

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