• EFCC Secures Court Order to Freeze 300 Accounts Involved in Illegal Forex Transactions
• Chairman Credits Frozen Accounts for Preventing Naira Crash
The Economic and Financial Crimes Commission (EFCC) has announced its intention to prosecute 300 individuals involved in forex racketeering outside the bounds of financial regulations.
The decision comes after the EFCC obtained a court order to freeze the accounts of these individuals, following their involvement in illegal transactions amounting to $15 billion.
During an interactive program with editors and bureau chiefs in Abuja, EFCC Chairman Ola Olukoyede revealed that the frozen accounts were detected on a peer-to-peer trading platform. He emphasized the significance of freezing these accounts, stating that failure to do so would have resulted in a substantial crash of the Naira.
Olukoyede also highlighted recent actions taken by the Nigerian government to curb forex market manipulation and illicit fund movements, including the blocking of online platforms like Binance and the detention of senior executives from a cryptocurrency exchange. In addition, EFCC operatives were dispatched to apprehend Bureau De Change operators in Abuja.
The EFCC chairman stressed the importance of safeguarding the foreign exchange market and protecting the economy, underscoring that these efforts have positively impacted the value of the Naira and the forex market. Olukoyede appealed for public support, emphasizing that the success of the agency is synonymous with the success of Nigeria.
In his address, Olukoyede drew attention to the pervasive nature of illicit forex trading, noting that the recent case involving Binance was just one example. He pointed out that the EFCC’s actions in freezing the 300 accounts had already curbed the volatility in the forex market, which had seen the Naira appreciate for a brief period before devaluing again. The chairman commended the EFCC’s commitment, adding that the agency operates tirelessly to fulfill its mandate.
Olukoyede also touched on the EFCC’s focus on combating illegal mining, describing it as an economic crime. He disclosed that the agency recently intercepted 40 trucks transporting illegally mined lithium and vowed to prosecute those responsible. Furthermore, he expressed his determination to pursue the case against former Kogi State Governor Yahaya Bello, pledging that all individuals obstructing the arrest would face legal consequences.
The EFCC chairman concluded by reiterating the agency’s resolve to investigate and prosecute anyone involved in embezzling public funds. He highlighted the case of Bello, accusing him of money laundering, breach of trust, and misappropriation of funds amounting to N80.2 billion. Olukoyede emphasized that his commitment to fighting corruption extends to all individuals regardless of their position or influence.
