EFCC Arrests 170 Currency Racketeers, Imprisons 23 In One-Month Sweep

The Economic and Financial Crimes Commission (EFCC) has arraigned 170 illegal Bureau De Change operators and naira racketeers within the last month, as the commission arrested and secured the conviction of 23 for similar offences.

During a significant crackdown in Enugu State, the EFCC Special Task Force apprehended 116 illegal Bureau De Change operators and currency racketeers.

The operation led to the recovery of various 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 document, titled “EFCC Alert,” sanctioned by the commission’s Chairman, Ola Olukoyede, disclosed the details of the development.

The document also disclosed that the EFCC Special Task Force had swiftly commenced operations since its establishment on February 7, 2024, yielding commendable outcomes.

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.

---

---