EFCC launches task force to combat forex crimes
By Andrew Orolua
In a bid to clamp down on foreign exchange speculation, hoarding, and racketeering, the Economic and Financial Crimes Commission (EFCC) has established a dedicated task force.
The newly formed task force, stationed across the agency’s 14 Zonal Commands, aims to bolster efforts against currency manipulation and the dollarization of the economy.
Several individuals involved in dollar racketeering have already been apprehended in operations spanning Lagos, Port Harcourt, and Kaduna. Additionally, proprietors of educational institutions charging fees in dollars have been summoned for questioning.
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Mr. Dele Oyewale, the Head of Media and Publicity at EFCC, emphasized the task force’s role in safeguarding the economy from instability and distortions. While the total number of arrests remains undisclosed, ongoing interrogations are underway.
Notably, EFCC operatives in the Kaduna Zonal Command recently nabbed three suspects—Musa Gideon, Abdul Seidu Adamu, and Justine Musa—for suspected currency racketeering. The trio was apprehended while attempting to sell new naira notes to an undercover EFCC operative.
The operation, part of the task force’s mandate, yielded the confiscation of N1,307,400 worth of new and old naira notes, along with multiple ATM cards in the possession of the suspects. Investigations are ongoing, with the suspects slated for court proceedings upon conclusion.
