The Economic and Financial Crimes Commission (EFCC) has intensified its surveillance on international schools that charge tuition fees in foreign currencies, as part of its efforts to alleviate pressure on the naira.
Speaking to our correspondent on Thursday, Dele Oyewale, the Head of Media and Publicity at the EFCC, confirmed that the agency would take action against schools and organizations that violate the law by charging fees in foreign currencies. He emphasized that it is illegal for schools, hotels, and businesses operating in Nigeria to offer services with foreign currency payment options.
To address the issue of currency fluctuation and stabilize the naira, the EFCC established a task force comprising 7,000 personnel across its zonal commands. The task force, which also focuses on combating fraudulent foreign exchange practices, has been closely monitoring schools and other entities engaged in this illegal activity.
Earlier in February, the EFCC summoned the proprietors of private universities and schools that charge tuition fees in dollars, as part of its efforts to curb the depreciation of the national currency. The agency also conducted raids in Abuja, apprehending currency traders suspected of speculating against the naira.
In response to questions regarding the EFCC’s actions against forex racketeering and efforts to stabilize the naira, Oyewale emphasized that the task force aims to guide those who violate the rules back onto the right path, thereby ensuring their compliance with the law. He further reiterated that all transactions within Nigeria must be denominated in the naira, as it is the legal tender and symbolic representation of the country’s economy.
Oyewale warned that the schools, hotels, and businesses under surveillance are well aware of the EFCC’s watchful eye, indicating that appropriate sanctions will be imposed if any violations are discovered.
The National Union of Teachers (NUT) expressed its support for the EFCC’s actions to penalize international schools charging fees in foreign currencies. NUT President Titus Amba emphasized that services should be charged in the national currency, the naira, and viewed such practices as detrimental to the economy. The organization wholeheartedly supports the EFCC and the Federal Government in their efforts to address this issue.
Auwal Rafsanjani, the Executive Director of the Civil Society Legislative and Advocacy Centre, called on the government to review its memorandum of understanding with foreign schools and businesses that demand payments in foreign currencies. He stressed that such practices have negatively impacted the economy and urged the government to monitor all businesses engaged in similar practices.
Emmanuel Onwubiko, the National Coordinator of the Human Rights Writers Association of Nigeria, deemed the payment of fees in dollars to foreign-owned institutions as unlawful. He called upon the EFCC and other relevant agencies to take decisive action against these organizations, emphasizing the need to protect the value and respectability of the naira.
Chido Onumah, the Executive Director of the African Centre for Media and Information Literacy, highlighted the lack of a regulatory system to monitor the activities of foreign schools and the burden this places on public schools. He urged the government to reinvest in public education.
Haruna Danjuma, the President of the Parent-Teacher Association of Nigeria, acknowledged that international schools operate for commercial purposes and expressed willingness for the EFCC to take appropriate action. However, he questioned the Federal Ministry of Education’s awareness and stance on the matter.
