BREAKING: Nigerian socialite Cubana Chief Priest and the EFCC agree to settle the case of Naira abuse out of court.

The Nation Newspaper has reported that a potential out-of-court settlement was revealed when legal proceedings continued on Thursday, involving prominent Nigerian socialite and businessman, Pascal Okechukwu, known as Cubana Chief Priest, and the Economic and Financial Crimes Commission (EFCC).

The issue at hand is a charge of naira abuse against Cubana Chief Priest, which he is set to settle outside the courtroom. He faced accusations before the Federal High Court in Lagos State, alleging misconduct with the national currency. Specifically, the charges against him included spraying and tampering with naira notes during a public gathering, actions that are in violation of the Central Bank Act of 2007.

Previously, Cubana Chief Priest had entered a not guilty plea and was granted bail by the court for N10 million with two sureties matching the bail amount. The alleged incident occurred on February 13, 2024, at a social event held at the Eko Hotel, where he reportedly spent two hours spraying N500 notes which is a breach of the law. 

Justice Kehinde Ogundare, who is presiding over the case, heard that the EFCC accused the socialite of not only spraying but also misusing the naira notes issued by the Central Bank of Nigeria, highlighting the gravity of the alleged financial misconduct.