EFCC Targets Dollarization And Naira Racketeering, Convicts Over 50 Individuals

EFCC Targets Dollarization And Naira Racketeering, Convicts Over 50 Individuals

The Economic and Financial Crimes Commission (EFCC) has announced that it secured convictions for more than 50 individuals in 2024 for their involvement in currency racketeering and the dollarization of Nigeria’s economy. EFCC Chairman Ola Olukoyede made this revelation...CONTINUE READING…

during a press briefing in Abuja on Monday, as part of an oversight and pre-budget presentation led by Senator Emmanuel Udendeon, Chairman of the Senate Committee on Anti-Corruption and Financial Crimes.

Olukoyede described currency racketeering and dollarization as forms of economic sabotage, stressing the importance of respecting the naira as the country’s legal tender. He highlighted that the EFCC’s Special Task Force has made significant efforts to bring order to the handling of the national currency. Despite ongoing crimes, the EFCC has secured over 50 convictions in 2024 alone.

The EFCC also drew attention to a viral incident involving Ibrahim Mohammad from Niger, who, along with his family, was investigated for mishandling naira notes during his wedding in Kano, further amplifying the commission’s anti-currency misuse campaign.

Olukoyede further emphasized the EFCC’s commitment to ethics and transparency, noting that several staff members had been dismissed for ethical violations. He also highlighted the commission’s asset recovery achievements, totaling nearly N250 billion and millions of dollars, along with numerous real estate assets.

Addressing criticism over its focus on cybercrime, Olukoyede defended the EFCC’s actions, stating that cybercrime contributes to significant economic damage and must be pursued relentlessly to protect Nigeria’s reputation globally.