The Economic and Financial Crimes Commission (EFCC) has announced significant progress in its crackdown on currency racketeering and the dollarization of Nigeria’s economy, securing more than 50 convictions in 2024 alone.
EFCC Chairman, Ola Olukoyede, revealed this during a press conference in Abuja on Monday, marking a key moment in the commission’s ongoing fight against economic sabotage.
Olukoyede emphasized that these crimes, including the manipulation of the naira and the increasing use of foreign currencies in local transactions, are a serious threat to the nation’s economic stability.
“There is no country in the world that doesn’t regard its currency as a legal tender,” he said. “We must respect the naira, and our Special Task Force is working tirelessly to restore order to how our national currency is handled.”
The EFCC’s efforts have led to a substantial recovery of illicit funds, with over ₦200 billion and numerous assets, including real estate, recovered across Nigeria.
In addition to these recoveries, the commission has also secured close to 3,500 convictions in the past year, underscoring its commitment to tackling financial crimes at all levels.
A recent high-profile case involved Ibrahim Mohammad, a man from Niger, whose wedding in Kano featured widespread misuse of naira notes.
The viral video showing the throwing of naira notes at the ceremony sparked outrage, prompting the EFCC to launch an investigation into the incident.
Olukoyede also took the opportunity to address the commission’s ongoing work in investigating cybercrime, despite some criticisms.
He defended the EFCC’s approach, pointing out that cybercrime is a major source of financial damage, with losses exceeding $500 million in the past year. “No crime is too small to investigate, and no one is too big to face the law,” he stressed.
Olukoyede reassured the public of the commission’s continued commitment to transparency and ethical standards in its operations.
