The Economic and Financial Crimes Commission (EFCC) has summoned Subomi and Wahab, sons of billionaire Razaq Okoya, for questioning regarding accusations of naira abuse.
In the invite signed by Michael Wetkas, acting director of the Lagos directorate of the EFCC, the anti-graft agency directed the duo to report to the head, special operations team at the 15A Awolowo Road office of the commission by 10am on Monday, January 13, 2025.
The Okoya brothers have been in the news for “abusing the naira” in a promotional video for a new song.
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The video — which featured a police officer holding wads of N1,000 notes as the boys encircled to a tune — had elicited outrage on social media.
On January 10, Muyiwa Adejobi, spokesperson of the Nigeria Police Force (NPF), announced that the officer seen in the video had been arrested and detained.
He said the officer’s actions were unethical, adding that he would face disciplinary action.
“The policeman captured in the recent viral video shared by the sons of the Lagos businessman, Chief Okoya, where they were abusing the naira, has been identified and detained for disciplinary action,” Adejobi wrote on X.
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“The involvement of the policeman has been condemned, as it’s unethical. We will always strive hard to uphold the sanctity, credibility, and core values of the police.”
Renewed fight against naira abuse
In 2024, the EFCC ramped up its enforcement of naira abuse by celebritries, citing Section 21 of the Central Bank of Nigeria (CBN) Act.
On April 4, Bobrisky, the social media celebrity, was arrested by the commission in Lagos for defacing naira notes.
The crossdresser was arraigned on a six-count charge by the EFCC.
On April 16, the EFCC filed a three-count charge against Cubana Chief Priest, the socialite and social media influencer, over alleged naira abuse.
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Who is Razaq Okoya
Chief Razaq Okoya who is the father of Subomi and Wahab accused of naira abuse, is a renowned businessman and the founder of the well-known Eleganza Group of Companies.
Many Nigerians born in the 1990s will recall that almost every household had at least one Eleganza product, whether it was a bucket, cooler, or chair.
Eleganza, the company he founded many years ago, has grown into a major enterprise with multiple branches.
Born in 1940, Chief Okoya will be 85 years old in 2025, and he has been active for over eight decades.
Chief Okoya hails from the Yoruba ethnic group in southwestern Nigeria, specifically from Lagos State.
Reports say Chief Okoya grew up in a tailoring environment, as his father was a tailor. He applied this knowledge to start his own business.
In 2015, Crescent University awarded Chief Okoya an honorary Doctorate in Science (Honoris Causa) for Business Administration.
Notably, he has also been recognized with Nigeria’s prestigious National Award as Commander of the Order of the Niger (CON), among other distinguished honors.
In 1999, Chief Okoya married Shade, his youngest wife, and they have been together for over 25 years with children. She currently serves as the CEO of Eleganza Group.
He also has a senior wife, Kuburat, with whom he has been married for 50 years.
With his sharp business acumen, Chief Okoya has shared the public stage with influential individuals, including President Bola Tinubu, Governor Babajide Sanwo-Olu, real estate mogul Sijibomi Ogundele (Sujimoto), veteran broadcaster Bisi Olatilo, and many others.
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