Kehinde Fajobi
The Economic and Financial Crimes Commission (EFCC) has secured over 50 convictions for currency racketeering and dollarisation of the Nigerian economy in 2024, according to its Chairman, Ola Olukoyede.
He shared this on Monday in Abuja during a visit from Senator Emmanuel Udende, Chairman of the Senate Committee on Anti-Corruption and Financial Crimes, and other committee members.
Olukoyede called the acts of currency racketeering and dollarisation “economic sabotage” and underscored the need to protect the naira.
“There is no country in the world that doesn’t regard its currency as a legal tender. We must respect the naira. Our Special Task Force is all over, bringing some sanity in handling the national currency,” he said.
“This year alone, we have procured over 50 convictions on it.”
The EFCC has also summoned Ibrahim Mohammad, a Nigerien national, over a viral video showing naira abuse during his wedding to Amina Babagana Zannah in Kano.
The video depicted guests spraying naira notes, which drew public backlash as the EFCC campaigns against such currency abuse.
Additionally, cross-dresser Idris Okuneye, known as Bobrisky, is under prosecution for alleged naira abuse.
Olukoyede emphasised the EFCC’s focus on ethics and transparency within its ranks.
“I take the issue of ethics very seriously, and I have had cause to dismiss workers on account of it, even as recently as two weeks ago. Upon my assumption of office, I declared my assets and encouraged others to do the same,” he stated.
Highlighting the agency’s achievements, he reported, “In the last year, we’ve recovered close to ₦250 billion, millions of dollars, and several real estate properties across the country.”
The EFCC also recorded nearly 3,500 convictions, many of them high-profile. “When you approve the annual report we have sent, we can publish it on our website,” he told the Senate committee.
Addressing criticism over EFCC’s focus on cybercrime, Olukoyede stressed its impact on the economy and Nigeria’s international reputation.
“Cybercrime is economic sabotage and inflicts reputational damage on the country,” he explained.
“Some say we shouldn’t address it, but we lose over $500 million a year to cybercrime. You present your Green Passport on a global arena, and you’re marked out for profiling.”
Olukoyede maintained that financial crimes, regardless of size, deserve attention.
“If you refuse to do the small one today, tomorrow they will become big,” he stated, calling for continued vigilance in combating cybercrime and financial corruption in Nigeria.