The EFCC has convicted 50 people involved in currency racketeering and dollarisation schemes in 2024, taking a strong stance against economic crimes in Nigeria.
The Economic and Financial Crimes Commission (EFCC) announced that, in 2024 alone, it has secured convictions for over 50 individuals involved in currency racketeering and the dollarisation of Nigeria’s economy.
The Chairman of the EFCC, Ola Olukoyede, disclosed this information in Abuja on Monday during a visit by Senator Emmanuel Udendeon and other members of the Senate Committee on Anti-Corruption and Financial Crimes. The committee was conducting an oversight and pre-budget presentation at the corporate headquarters of the EFCC.
Olukoyede characterized currency manipulation and the use of dollars in place of local currency as actions that undermine economic stability.
He mentioned, “I would like to inform you that economic sabotage partly involves currency racketeering and mutilation, as well as the dollarization of our economy. Every country in the world considers its currency as legal tender.”
We need to uphold respect for the Naira. Currently, our Special Task Force is actively working across various locations, and we’ve made significant progress in ensuring proper handling of the national currency. Although I recognize that some individuals continue to engage in illegal activities involving it, I’m pleased to report that this year we have secured over 50 convictions related to such offenses.
This comes as the commission announced it has summoned a Nigerien national, Ibrahim Mohammad, along with his family and other guests for allegedly abusing naira notes at his wedding to Amina Babagana Zannah in Kano.
The invitation comes in response to a viral video showing people spraying naira notes at the event, which has attracted public attention and criticism amid the agency’s ongoing campaign against currency abuse.
READ ALSO: EFCC Clears Goje’s Daughter in Connection with Viral Naira Abuse Video
It is also important to mention the ongoing legal challenges faced by renowned cross-dresser Idris Okuneye, commonly known as Bobrisky, who is being prosecuted for naira abuse and other offenses.
Olukoyede added that to maintain the integrity and ethical standards of its staff, the EFCC will remain transparent in its operations.
I consider ethics to be of utmost importance and have had reasons to terminate several employees due to ethical concerns, including as recently as two weeks ago.
When I assumed my position at the EFCC, I declared my assets and urged everyone else to do likewise.
Discussing the achievements, he stated, “I encourage you to review our modest accomplishments over the past year, especially in the area of recovery. When tackling financial crimes, it’s crucial to prioritize asset tracking and recovery with utmost dedication; otherwise, progress may be limited.”
I’m saying this because when those responsible for these crimes still have access to the profits, they can go to great lengths to oppose you.
We are pleased to inform you that over the past year, we have successfully recovered nearly N250 billion and several tens of millions of dollars, along with a significant amount of real estate across the country.
In the past year, we have achieved nearly 3,500 convictions, including several high-profile cases despite some differing opinions. Once you approve our submitted annual report, we’ll be able to publish it on our website.
In response to criticisms directed at the Commission for focusing on combating cybercrime, the EFCC chief stated that he cannot overlook this issue because it leads to economic sabotage and harms the nation’s reputation.
You are aware that when I took office, I identified economic sabotage as a significant issue. Every financial crime warrants investigation and prosecution, regardless of size or the individual’s status.
“If you choose not to address the small issues today, they will grow into larger problems tomorrow. Therefore, people should refrain from criticizing us for investigating and prosecuting cybercrime.”
Some of these critiques are emerging from legal experts who should be more informed. A crime that has cost us over $500 million in a single year, and yet someone suggests we shouldn’t address it? When you show your Green Passport on the international stage, you’re singled out for profiling.
