The Economic and Financial Crimes Commission (EFCC) reported over 50 convictions for currency racketeering and the dollarization of the Nigerian economy so far in 2024.
EFCC Chairman Ola Olukoyede shared the update during a Senate Committee on Anti-Corruption and Financial Crimes visit, led by Senator Emmanuel Udende, at the EFCC’s corporate headquarters in Abuja on Monday.
Describing currency racketeering and dollarization as acts of economic sabotage, Olukoyede emphasized the importance of preserving the Naira’s status as legal tender.
“Part of the economic sabotage involves currency racketeering, mutilation, and the dollarization of our economy.
There is no country in the world that doesn’t regard its currency as a legal tender,” he stated.
“We must respect the Naira.
Our Special Task Force has brought some sanity to currency handling, and we’ve secured over 50 convictions for these offenses this year alone,” he added.
In line with its campaign against currency abuse, the EFCC has summoned Nigerien national Ibrahim Mohammad, along with his family and guests, over alleged naira abuse at his wedding to Amina Babagana Zannah in Kano.
This action followed a viral video showing attendees spraying naira notes at the event, sparking public outcry.
Among other recent high-profile cases, the EFCC is also prosecuting popular cross-dresser Idris Okuneye, widely known as Bobrisky, for naira abuse and related offenses.
In a continued effort to uphold integrity, Olukoyede stressed that ethical conduct within the EFCC remains a priority.
“I take the issue of ethics very seriously and have had to dismiss several staff members on these grounds, as recently as two weeks ago,” he said.
Olukoyede also noted that he declared his assets upon assuming office and encouraged all EFCC staff to do the same.
Highlighting the EFCC’s recent achievements, Olukoyede cited significant asset recovery efforts.
“In the past year, we have recovered close to N250 billion, tens of millions of dollars, and numerous properties across the country.
Additionally, we secured almost 3,500 convictions, including several high-profile cases,” he stated, adding that the Commission’s annual report would soon be published on its website.
Addressing criticisms of the EFCC’s focus on cybercrime, Olukoyede defended the agency’s efforts, asserting that cybercrime constitutes both economic sabotage and reputational damage for Nigeria.
“Cybercrime has cost us over $500 million in one year alone.
It’s economic sabotage, and it hurts Nigeria’s global reputation.
Some critics, including legal professionals, should understand this context.
A crime like this affects everyone carrying a Nigerian passport,” he argued.
In his remarks, Olukoyede reiterated the EFCC’s commitment to prosecuting all forms of financial crime, regardless of the magnitude or status of those involved.
“No crime is too small, and no one is above the law.
Small crimes today can become major problems tomorrow,” he concluded.
