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Efforts Of Some Politicians Were Frustrated Because Of The Naira Redesign Policy – EFCC

  • The Economic and Financial Crimes Commission (EFCC) acknowledges the effectiveness of the naira redesign policy by the Central Bank of Nigeria (CBN) in frustrating electoral corruption.
  • The scarcity of currency during the 2023 elections prevented politicians from buying votes, leading to their defeat in some strongholds.
  • EFCC’s efforts included educating Bureau de Change agents to prevent illicit funds from being moved, contributing to the overall success of combating corruption.

FRESHREPORTERS reports that the Economic and Financial Crimes Commission (EFCC) has attributed the success in frustrating electoral corruption by certain politicians to the implementation of the naira redesign policy introduced by the Central Bank of Nigeria (CBN).

This significant move played a pivotal role in curbing illicit activities during the electoral process.

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According to the EFCC, the scarcity of currency resulting from the naira redesign policy had a profound impact on the electoral landscape, leading to the defeat of politicians who relied on financial manipulation to secure victories.

The anti-graft agency highlighted that the unavailability of cash severely limited politicians’ ability to buy votes, ultimately undermining their influence and diminishing their chances of success.

During a virtual program titled ‘Corruption in Nigeria’s 2023 Elections: A post-mortem,’ hosted by The Conversation Africa in collaboration with Daily Trust, Wilson Uwujaren, the Head of Media and Publicity of the EFCC, emphasized the role of the naira redesign policy in suppressing electoral malpractice.

Uwujaren noted, “The violence during elections was caused by the unavailability of cash, which was the CBN’s naira redesign policy because politicians could not buy votes.”

Furthermore, Uwujaren revealed that some politicians attempted to circumvent the restrictions imposed by the policy by utilizing Bureau de Change agents to move illicit funds.

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To address this issue, the EFCC took proactive measures by educating the agents about the importance of guarding against corruption and ensuring compliance with the law.

These efforts proved crucial in safeguarding the integrity of the electoral process and preventing the manipulation of funds.

Expanding on the positive outcomes resulting from the naira redesign policy, Uwujaren highlighted the surprising defeats suffered by politicians in their own strongholds.

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This unexpected turn of events can be attributed to their inability to distribute cash as a means of influencing the electorate.

The scarcity of funds disrupted their traditional strategies, leading to a fairer and more transparent electoral landscape.

The EFCC’s recognition of the naira redesign policy as a powerful tool in combating electoral corruption demonstrates the positive impact of stringent financial regulations.

By reducing the availability of cash for illicit activities, the policy served as a deterrent and strengthened the integrity of the democratic process.

As the EFCC continues its mission to combat corruption, it remains committed to working alongside relevant stakeholders and enforcing measures that promote transparency, accountability, and fairness in Nigeria’s electoral system.

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