In a significant move to combat financial irregularities, the Economic and Financial Crimes Commission (EFCC) announced on Tuesday the freezing of approximately 300 suspected illegal forex accounts operating on a peer-to-peer platform. This development comes amidst growing concerns about illicit financial activities that pose a threat to Nigeria’s economic stability.
During an interactive session with journalists in Abuja, EFCC Chairman Ola Olukoyede disclosed that the accounts were suspended following a court order issued the previous day. Termed the “P to P” (peer-to-peer) financial trading scheme, these accounts have been operating outside the purview of official banking channels, raising alarms about their potential impact on the naira’s stability.
Olukoyede revealed that over $15 billion had passed through one of the forex platforms in the past year alone, highlighting the scale of the illicit operation. The EFCC’s swift action to freeze the accounts aims to safeguard the foreign exchange market and protect the economy from further harm.
Addressing the press, Olukoyede reiterated the EFCC’s commitment to prosecuting individuals involved in financial misconduct. He pledged to ensure the prosecution of Yahaya Bello, the former Kogi State Governor, on charges including alleged money laundering and misappropriation of funds totaling N80.2 billion. Olukoyede emphasized that the EFCC had acted lawfully in attempting to bring Bello to justice, citing evidence of financial wrongdoing.
In addition to the investigation of individual cases, Olukoyede also addressed concerns about corruption within the humanitarian affairs ministry. He emphasized the systemic nature of the issue, stating that the EFCC’s probe spans several administrations and is not limited to any particular regime within the ministry. Olukoyede urged Nigerians to support the anti-graft fight, emphasizing its importance for the nation’s integrity and well-being.
The EFCC’s decisive actions underscore its commitment to combating financial crimes and ensuring accountability in Nigeria’s financial sector. As investigations continue, the agency remains vigilant in its efforts to root out corruption and protect the country’s economic interests.
Credit: Businessday NG (Text Excluding Headline)
