IN A ONE-MONTH SWEEP, THE EFCC ARRESTED 170 CURRENCY RACKETEERS AND IMPRISONED 23 OF THEM.

Babatunji Wusu –

The Economic and Financial Crimes Commission (EFCC) has arraigned 170 unlawful Bureau De Change operators and naira racketeers in the previous month, after arresting and convicting 23 for similar crimes.
During a major raid in Enugu State, the EFCC Special Task Force arrested 116 illicit Bureau De Change operators and currency racketeers.

The operation resulted in the recovery of multiple currencies, including N110.7 million, $8,368.00, £145.00, €2,725, 900 South African Rand, 32,000.00 CFA, 100 Turkiya, and 500 Bank Mozambique currencies.

The EFCC paper, dubbed “EFCC Alert,” was approved by the commission’s Chairman, Ola Olukoyede, and revealed the specifics of the development.

The letter further stated that the EFCC Special Task Force had quickly begun operations after its inception on February 7, 2024, with remarkable results.

The document revealed that, “That 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 lends evidence to hard work and dedication.

“Eleven of the convictions were recorded in Kano alone; three in Ilorin, the Kwara State capital, five in Lagos, one in Port Harcourt and three in Kaduna.

“Currently facing prosecution for the same offenses are 170 suspects, spread across just eight zonal offices of Kano, Ibadan, Enugu, Lagos, Abuja, Port Harcourt, Uyo and Maiduguri.

“Of the haul of 116 arrests made in Enugu in a sting operation, comprising a mix of illegal bureau de change operators, currency speculators and street hawkers operating illegal foreign exchange markets, recoveries included, N110, 700,000.00, $8,368.00, £145.00, €2,725; 900 South African Rand; 32,000.00 CFA; 100 Turkiya; and 500 Bank Mozambique currencies in different denominations, and an abandoned safe by currency street hawkers.

“Some of the suspects are foreigners from neighbouring countries. It is cheerless that whereas denominating service charges and prices in currencies order than the naira, as well as naira mutilation and offering it for sale are designated as offences in the country, enforcement has been lax until the EFCC under Olukoyede took up the gauntlet.”

Olukoyede emphasized that the arrests and convictions served as proof of the diligent efforts of the EFCC.