EFCC convicts over 50 for Naira racketeering, dollarisation

The Economic and Financial Crimes Commission (EFCC) revealed that in 2024, it secured the conviction of over 50 individuals involved in currency racketeering and dollarization within Nigeria’s economy.

According to reports, EFCC Chairman Ola Olukoyede shared this information at a press conference in Abuja on Monday.

The briefing took place during an oversight and pre-budget presentation visit by Senator Emmanuel Udende, Chairman of the Senate Committee on Anti-Corruption and Financial Crimes, along with other Committee members, at the EFCC’s headquarters. Olukoyede described currency racketeering and dollarization as acts of economic sabotage.

He said, “I would also like you to know that part of the economic sabotage is in the area of currency racketeering and mutilation and the dollarization of our economy. There is no country in the world that doesn’t regard its currency as a legal tender.

“We must respect the Naira. 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.”

According to reports, the commission had recently called in a person from Niger, Ibrahim Mohammad, his relatives, and additional attendees due to accusations of mishandling naira notes at his marriage to Amina Babagana Zannah in Kano.

This invitation came after a video went viral showing people throwing naira notes around at the wedding, which sparked public outrage and criticism as part of the commission’s campaign against the misuse of currency.

It’s also important to mention the current legal issues faced by well-known cross-dresser Idris Okuneye, also known as Bobrisky, who is being charged with abusing the naira notes and other crimes.

Speaking further on his commission’s stride yesterday, Olukoyede emphasized the EFCC’s commitment to operating with ethical standards and the integrity of its staff, stating that the commission will remain open about its activities.

He said: “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.

“Upon my assumption of office in the EFCC, I declared my assets and encouraged all others to do the same”.

Speaking on the records of achievements, he said, “I am sure you must read the record of our modest achievements in the last year, particularly in the area of recovery. If you are fighting financial crimes, and you don’t make asset tracking and recovery one of the key issues that you have to embark on with all seriousness, you may not be able to go far.

“I say this because when the perpetrators of these crimes still have access to the proceeds of the crime, they can go to any extent to fight you.

“We are happy to report to you that in the last year, we have done close to N250 billion and several tens of millions of dollars, as well as quite a number of real estate across the country in asset recovery.

“Within the last year, we have secured close to 3,500 convictions. Some of these convictions are high profile, not minding what some people are saying. When you approve the annual report that we have sent to you, then we can publish it on our website.”

Reacting to criticisms of the Commission in some quarters for devoting time to fight cybercrime, the EFCC boss declared that he can’t take his eyes off cybercrime because it constitutes economic sabotage and inflicts reputational damage on the country.

“You are also aware that upon my assumption of office, I identified economic sabotage as a major problem. There is no financial crime that is too small to investigate and prosecute and no one is too big.

“If you refuse to do the small one today, tomorrow they will become big. So, people should stop criticising us for investigating and prosecuting cybercrime.

“Some of these criticisms are coming from legal minds, people who should know better. A crime that has made us lose over $ 500 million in one year and somebody said we shouldn’t do it? You present your Green Passport on a global arena, and they will mark you out for profiling,” the EFCC boss noted.