EFCC Arrests Okpebholo Aide "Ebo Stone" Over Alleged Naira Abuse

The Economic and Financial Crimes Commission (EFCC) has arrested Monday Okungbowa, popularly known as Ebo Stone, over alleged abuse of the naira. Okungbowa, who was recently suspended as the Coordinator of the Edo State Public Safety Response Team (PSRT), was taken into custody by the Benin Zonal Directorate of the EFCC.

His arrest followed a viral video showing him spraying and mutilating naira notes at a bar on March 9, 2025. The EFCC's Head of Media and Publicity, Dele Oyewale, confirmed the development in a statement released on Monday.

EFCC Moves Against Naira AbuseAccording to the statement, Okungbowa's actions violated Nigeria's financial regulations, which criminalize the defacement, spraying, or mishandling of the naira. The EFCC has been cracking down on such offenses, arresting several high-profile individuals, including celebrities and politicians, for similar violations.

"The EFCC has arrested Kelly Okungbowa (a.k.a. Ebo Stone) for alleged naira abuse. Okungbowa, who until recently was the Coordinator of the Edo State Public Safety Response Team, PSRT, now suspended by the state government, was arrested owing to a viral video where he was seen spraying and mutilating the naira at a bar on March 9, 2025," the EFCC statement read.

The commission further stated that Okungbowa would be charged to court upon completion of investigations.

Background and Political ImplicationsOkungbowa's suspension and subsequent arrest have sparked debates within political circles in Edo State. His role as a top security coordinator and close associate of key political figures has fueled speculations about the motives behind his suspension and the EFCC's swift action. Some observers believe his arrest may have deeper political undertones, while others see it as a reflection of the anti-corruption agency's renewed efforts to enforce currency regulations.

With the 2025 elections drawing closer, this development is expected to have ripple effects on political alliances in Edo State, particularly within the ruling party.

Public Reactions and Legal Consequences Public reactions to the arrest have been mixed, with some Nigerians praising the EFCC for upholding financial laws, while others argue that the agency should focus on bigger corruption cases involving top government officials. Legal experts have also weighed in, stating that Okungbowa could face significant penalties, including fines or imprisonment, if found guilty under the Central Bank of Nigeria (CBN) Act, which criminalizes the mutilation and naira abuse.

The EFCC has assured the public that further details will be provided as investigations progress.