The Economic and Financial Crimes Commission (EFCC) has secured convictions for over 50 individuals involved in currency racketeering and dollarization of the Nigerian economy in 2024 alone, according to Chairman Ola Olukoyede.
Olukoyede emphasized that currency racketeering and dollarization constitute economic sabotage, stressing the importance of respecting the Naira as Nigeria’s legal tender.
During a visit from Senator Emmanuel Udendeon, Chairman of the Senate Committee on Anti-Corruption and Financial Crimes, Olukoyede highlighted the EFCC’s efforts to combat currency abuse. He noted that the commission’s Special Task Force has brought sanity to the handling of the national currency, despite ongoing crimes.
The EFCC has summoned a Nigerien national, Ibrahim Mohammad, and his associates over alleged naira abuse at his wedding in Kano. This follows a viral video showing individuals spraying naira notes, sparking public backlash.
Popular cross-dresser Idris Okuneye, known as Bobrisky, is also facing prosecution for naira abuse and other offenses.
Olukoyede emphasized the EFCC’s commitment to transparency and ethics, having declared his assets upon assuming office and encouraging others to do the same. He highlighted the commission’s achievements in asset recovery, securing close to N250 billion, tens of millions of dollars, and numerous real estate properties across the country.
Within the last year, the EFCC has secured nearly 3,500 convictions, including high-profile cases. Olukoyede defended the commission’s focus on cybercrime, citing its potential for economic sabotage and reputational damage to Nigeria.
He emphasized that no financial crime is too small to investigate and prosecute.
The EFCC’s efforts to combat financial crimes have yielded significant results, demonstrating its resolve to protect Nigeria’s economy. Olukoyede’s leadership has prioritized transparency and accountability, ensuring the commission remains committed to its mission.
As the EFCC continues to tackle financial crimes, its conviction of over 50 individuals for currency racketeering and dollarization serves as a warning to those undermining Nigeria’s economy.
