The Economic and Financial Crimes Commission (EFCC) has intensified its efforts to combat currency racketeering across Nigeria.
Within the span of one month, the EFCC has convicted 23 illegal Bureau De Change (BDC) operators and currency racketeers, while also apprehending a 170 individuals for similar offenses.
The EFCC’s Special Task Force spearheaded an operation in Enugu State, resulting in the arrest of 116 illegal BDC operators and currency speculators. During the operation, authorities seized substantial amounts of various currencies, including Naira, US dollars, British pounds, Euros, South African Rand, and others, totaling millions of Naira.
The EFCC revealed its collaboration with international law enforcement agencies, including Interpol, the United States’ Federal Bureau of Investigation (FBI), and the governments of the United Kingdom, Northern Ireland, and Kenya.
This partnership aims to extradite a top executive of Binance Holding Limited, Nadeem Anjarwalla, as part of an ongoing investigation into alleged money laundering amounting to $35.4 million.
According to Ola Olukoyede, the Chairman of the EFCC, these recent arrests and convictions highlight the agency’s commitment to combating financial crimes. He noted the significance of the EFCC’s Special Task Force, which was established on February 7, 2024, and has already demonstrated effectiveness in apprehending offenders.
He noted that EFCC has convicted offenders across various Nigerian cities, including Kano, Ilorin, Lagos, Port Harcourt, and Kaduna. Additionally, ongoing prosecutions are underway for the 170 suspects arrested in eight zonal offices nationwide.
The agency’s operations have exposed a network of individuals engaged in illegal currency trading, including foreign nationals operating within Nigeria. Olukoyede lamented the lax enforcement of laws against currency manipulation and the sale of mutilated Naira notes before the EFCC’s intervention.
