THE Economic and Financial Crimes Commission (EFCC) announced that it has secured convictions for over 50 individuals involved in currency racketeering and the dollarization of Nigeria’s economy in 2024 alone.
EFCC Chairman Ola Olukoyede made this statement in Abuja yesterday during an oversight and pre-budget presentation visit by the Senate Committee Chairman on Anti-Corruption and Financial Crimes, Senator Emmanuel Udende, along with other committee members to the EFCC headquarters.
Olukoyede characterized currency racketeering and dollarization as acts of economic sabotage, stating, “I want to emphasize that part of the economic sabotage involves currency racketeering, mutilation, and the dollarization of our economy. No country in the world fails to recognize its currency as legal tender.
“We must respect the Naira. Currently, our Special Task Force is actively addressing the handling of the national currency. While I acknowledge that crimes are still being committed, this year alone, we have achieved over 50 convictions related to this issue.”
Additionally, the commission has summoned Nigerien national Ibrahim Mohammad, his family, and other guests regarding alleged naira abuse during his wedding to Amina Babagana Zannah in Kano.
This follows a viral video showing attendees spraying naira notes at the event, which has drawn public scrutiny as part of the agency’s ongoing campaign against currency abuse.
Notably, popular cross-dresser Idris Okuneye, known as Bobrisky, is currently facing prosecution for naira abuse and other offenses.
Further addressing the commission’s commitment to ethics and staff integrity, Olukoyede stated that the EFCC will maintain transparency in its operations.
“I take ethics very seriously and have dismissed several employees for breaches, even as recently as two weeks ago. Upon taking office at the EFCC, I declared my assets and encouraged others to do the same.”
Regarding the EFCC’s achievements, he noted, “I am confident you have seen our modest accomplishments over the past year, particularly in asset recovery. When combating financial crimes, it is crucial to prioritize asset tracking and recovery; otherwise, progress may be limited. If perpetrators retain access to their ill-gotten gains, they can go to great lengths to resist prosecution.”
He reported that in the past year, the EFCC has recovered nearly N250 billion, several tens of millions of dollars, and numerous real estate properties across the country.
“In total, we have secured close to 3,500 convictions, including several high-profile cases, despite what some may say. Once you approve the annual report we’ve submitted, we will publish it on our website.”
In response to criticisms regarding the EFCC’s focus on cybercrime, Olukoyede asserted that he cannot overlook this issue, as it constitutes economic sabotage and harms the country’s reputation.
“Upon my arrival at the EFCC, I identified economic sabotage as a significant challenge. No financial crime is too minor to investigate or prosecute, and no individual is above the law. If we ignore smaller crimes today, they will escalate tomorrow.
“Critics, including some legal professionals who should know better, question our focus on cybercrime. This crime has cost us over $500 million in just one year, and yet some argue we shouldn’t pursue it? When you present your Green Passport on the global stage, you are marked for profiling.”