The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has described currency racketeering and the dollarisation of the Nigerian economy as acts of economic sabotage, revealing that the commission has secured over 50 convictions for such crimes in 2024 alone.
Olukoyede made the disclosure during an oversight and pre-budget presentation visit by the Senate Committee Chairman on Anti-Corruption and Financial Crimes, Senator Emmanuel Udendeon, to the EFCC headquarters in Abuja.
He emphasised that currency racketeering, including the mutilation of the naira and the widespread use of foreign currencies in place of the national currency, undermines the economy.
“There is no country in the world that doesn’t regard its currency as a legal tender. We must respect the Naira,” Olukoyede said.
He went on to explain that the EFCC’s Special Task Force has been active in curbing the illegal practices, adding, “As I am talking to you now, our Special Task Force is all over the place and we have brought some sanity in the handling of the national currency. People are still committing the crime, I am aware of that. This year alone, we have procured over 50 convictions on it.”
The EFCC also announced the summoning of a Nigerien national, Ibrahim Mohammad, and his family over alleged naira abuse at his wedding in Kano.
This follows a viral video showing individuals spraying naira notes at the event, attracting public outcry.
Additionally, the EFCC is prosecuting popular cross-dresser Idris Okuneye, also known as Bobrisky, for similar naira abuse offences.
Olukoyede further emphasised the importance of ethics and staff integrity within the EFCC.
“I take the issue of ethics very seriously and I have had cause to dismiss a number of workers on account of it, even as recently as two weeks ago,” he said, noting that he had declared his assets upon assuming office and encouraged others to do the same.
The EFCC Chairman also highlighted the agency’s success in asset recovery, revealing that it has recovered close to N250 billion, tens of millions of dollars, and numerous real estate properties over the past year.
“We are happy to report that in the last year, we have secured close to 3,500 convictions, some of which are high profile,” Olukoyede added.
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