EFCC Freezes 300 Accounts Over Suspicious Forex Deals

The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that the anti-graft agency has discovered another worse scheme other than what the crypto trading platform Binance and its system were doing.

Consequently, he said the agency has frozen about 300 accounts to ensure the safety of the foreign exchange market.

The scheme popularly called the peer-peer financial trading scheme (P to P) has operated outside the nation’s official banking and financial system, adding that there was a looming disaster that could further crashed the value of the local currency Naira if care was not taken.

“There are people in this country doing worse than Binance,” he said, adding that over $15bn passed through one of the platforms in the last one year, outside the financial regulations.

Recalls that the Nigerian government is currently prosecuting two Binance executives in court over tax evasion and other financial crimes.

Details Later…