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EFCC cracks down on illegal currency racketeers: 23 convicted, 170 arrested

The EFCC crackdown underscore the commission's resolve to maintain integrity and accountability in Nigeria's financial landscape

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In a sweeping crackdown on illegal currency activities, the Economic and Financial Crimes Commission (EFCC) has reported the conviction of 23 individuals involved in illicit Bureau De Change operations and currency racketeering over the past month. Additionally, the commission has arrested and arraigned 170 suspects for similar offences, underscoring its commitment to combat financial crimes.

The EFCC’s Special Task Force, in a concerted effort to curb unlawful practices, apprehended 116 illegal Bureau De Change operators and currency racketeers in Enugu State during a massive operation. Substantial sums of money, including N110.7 million, $8,368.00, £145.00, €2,725, along with other foreign currencies, were seized during the operation.

Details of these developments were disclosed in an EFCC document titled “EFCC Alert,” sanctioned by the commission’s Chairman, Ola Olukoyede. The document underscores the EFCC’s intensified efforts and impressive results in tackling financial crimes.

Olukoyede emphasized the significance of the convictions, stating, “The EFCC has secured 23 convictions for the offence of currency racketeering and operation of illegal BDCs with the Special Task Force in less than a month, lending evidence to hard work and dedication.”

The convictions span various regions, with notable cases recorded in Kano, Ilorin, Lagos, Port Harcourt, and Kaduna. Furthermore, 170 suspects are currently facing prosecution across eight zonal offices, highlighting the widespread nature of illegal currency activities.

The EFCC’s operations in Enugu resulted in the apprehension of individuals engaged in illicit currency trading, including foreigners from neighbouring countries. Recoveries from the sting operation included a significant amount of cash in multiple currencies, underscoring the scale of unlawful activities targeted by the commission.

The document also underscores the lax enforcement of regulations pertaining to currency denomination and mutilation in Nigeria, pointing to the EFCC’s pivotal role in addressing these shortcomings under Olukoyede’s leadership.

As the EFCC continues its crackdown on financial crimes, these developments underscore the commission’s resolve to maintain integrity and accountability in Nigeria’s financial landscape.

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