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Cubana Chief Priest, Nigerian socialite, docked for spraying Naira
Mr. Pascal Okechukwu, popularly known as Cubana Chief Priest, has been arraigned at the Federal High Court holden in Lagos, Nigeria, over charges related to abuse of the Nigerian currency, the Naira.
Mr. Okechukwu, a businessman, was arraigned by Prosecutors of the Economic and Financial Commission (EFCC).
The socialite was docked before Justice Kehinde Ogundare on three counts bordering on abuse of Naira.
He was charged with tampering and abusing Naira, punishable under the provisions of the Central Bank Act 2007.
He had allegedly thrown the Naira in the air on February 13, 2024, at Eko Hotel while dancing during a social event.
EFCC Prosecutors also alleged that he tampered with funds while spraying them for about two hours.
During his arraignment on Wednesday, April 17, Cubana Chief Priest pleaded not guilty to the charge.
Who is Cubana Chief Priest?
Cubana Chief Priest, real name Pascal Okechukwu, is a Nigerian entertainer, businessman, and show promoter.
He has gained prominence for hosting celebrities like Davido and Chioma at his hotel and for his lavish lifestyle.
Cubana Chief Priest, known for his extravagant lifestyle and association with celebrities, has ventured into various business endeavors.
What are some business ventures of Cubana Chief Priest?
Among the notable aspects of his business ventures are:
Hospitality and Entertainment
Cubana Chief Priest owns a popular nightclub and hospitality business.
His nightclub, Cubana Lounge, is a hotspot for nightlife, attracting both local and international guests.
The establishment hosts events, parties, and performances by renowned artists.
Show Promotions and Event Hosting
As a show promoter, he organizes high-profile events, concerts, and parties.
His connections in the entertainment industry allow him to bring top artists and celebrities to his events.
Brand Endorsements and Influencer Marketing
Cubana Chief Priest collaborates with brands for endorsements and promotions.
His social media presence, especially on Instagram, has made him an influential figure.
Brands often seek his endorsement to reach a wider audience.
Fashion and Lifestyle
He has delved into fashion and lifestyle branding, including his signature outfits, accessories, or lifestyle products.
Cubana Chief Priest leverages his personal brand to create merchandise and capitalize on his popularity.
Real Estate Investments
Like many successful entrepreneurs, he invests in real estate.
Owning properties, especially in prime locations, provides a stable source of income and appreciating assets.
Consultancy and Event Planning
His expertise in organizing events and managing high-profile gatherings has led to consultancy opportunities.
He advises others on event planning, branding, and creating memorable experiences.
Social Media Monetization
Cubana Chief Priest monetizes his social media platforms via sponsored posts, affiliate marketing & collaborations.
His engaging content attracts followers and advertisers alike.
What does Central Bank Act of 2007 say?
The Central Bank of Nigeria (CBN) Act of 2007 is an Act to repeal the Central Bank of Nigeria Act 1991 and re-enacts the Central Bank of Nigeria Act and for related matters.
Section 21, sub. 3 of the Act states as follows:
“For the avoidance of doubt, spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under Sub-section (1) of this section.”
Subsection 5 of the Act states:
“In this section——
(i) “Matching” includes spreading scattering or littering of any surface with any Naira notes or coins and stepping thereon, regardless of the value, volume, occasion or intent.
(ii) “Spraying” includes adorning, decorating or spraying anything or any person or any part of any person or the person of another with Naira notes or coins or sprinkling or sticking of the Naira notes or coins in a similar manner regardless of the amount, occasion or the intent.”
Meanwhile, Subsection 1 stated:
“A person who tampers with a coin or note issued by the Bank is guilty of an offence and shall [face] imprisonment for a term not less than six months or to a fine not less than N50,000 or to both such fine and imprisonment.”
If convicted, therefore, Cubana Chief Priest faces jail for up to six months or pay fifty thousand Naira fine, or both.
What transpires at the court on Wednesday?
The court, on Wednesday, granted Cubana Chief Priest N10 million bail with two sureties in like sum.
Justice Ogundare granted him the bail after he pleaded not guilty to tampering and abuse of Naira.
The celebrity bar man, it could be recalled, was arraigned on three counts bordering on abuse of Naira.
According to EFCC prosecutors, Cubana Chief Priest allegedly sprayed and tampered with the national currency.
The offence reportedly took place at an event on Feb. 13, 2024, at Eko Hotel, Lagos, while he was dancing.
EFCC prosecutors stated that the act contravenes the provisions of the Central Bank Act of 2007.
The prosecutors held he tampered with Nigerian currency in N500 note denominations, spraying same for 2 hours.
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