Obi Cubana Breaches CBN Act During Burial, Risk Six Months Imprisonment

Obi Cubana Breaches CBN Act During Burial, Risk Six Months Imprisonment

  • Obinna Iyiegbu might draw the wrath of the Central Bank of Nigeria after the owner of Cubana Nightclub was captured breaching CBN rule
  • Obi Cubana threw a lavish burial for his mother, Ezinne Iyiegbu, last week and during the weekend, spraying and dancing on naira
  • The burial featured many Nigerian celebrities, including Kanayo O. Kanayo, Alex Ekubo, and some Nigerian lawmakers, Akin Alabi and Shina Peller

PAY ATTENTION: Join a community of CEOs, founders, and decision-makers: subscribe for a free monthly business newsletter Digital Talks and succeed BIG!

After the fanfare at the burial of his mother, Ezinne Iyiegbu, the founder of Cubana Nightclub, Obinna Iyiegbu, risk six months imprisonment.

During the burial, which took place at Oba, in Anambra State, Iyiegbu, known as Obi Cubana, was captured in some videos breaching the Central Bank of Nigeria (CBN)'s currency rule.

Cubana, actor Kanayo O. Kanayo, alongside some guests were spraying naira notes on each other, while the hospitality business owner was also seen dancing on the local currency.

Read also

It is a lie: Lai Mohammed denies asking Obi Cubana to loan Nigeria money

CBN Act threatens Obi Cubana with six months imprisonment after breaching CBN act in Oba, during mother's burial
Obi Iyiegbu, founder of Cubana Nightclub. Photo: obi_cubana
Source: Instagram

CBN act advocates jail for such action

Such act is against Section 21 of the CBN Act 2007. The law states that spraying of naira and dancing on it are abuse of the official currency, and perpetrators would be fined, jailed, or both.

According to the act, persons caught indulging in spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions would be fined N50,000 or jailed for six months, or serve both punishment.

The CBN act states that such act diminishes the naira. Other offenses include, engraving, mutilating, piercing, stapling, writing, tearing, soiling, squeezing or any other form of deliberate and willful abuse.

Jeff Bezos gift N82.3 billion as Cubana spends lavishly

While the nightlife businessman is busy spraying money at his mother's burial, United States billionaire, Jeff Bezos, donated over N81.3 billion.

The donation was made to the world's largest museum and educational institute, Smithsonian. The N82.3 billion is the biggest gift the school has ever received.

Bezos gave the money to Smithsonian to support youth innovation through science and technology in the country.


Online view pixel