The Economic and Financial Crimes Commission (EFCC) has announced that it has secured over 50 convictions related to currency racketeering and the dollarization of the Nigerian economy in 2024 alone.
EFCC Chairman, Ola Olukoyede, made this disclosure during a meeting with the Senate Committee on Anti-Corruption and Financial Crimes, led by Senator Emmanuel Udendeon, who visited the EFCC’s headquarters in Abuja for an oversight and pre-budget presentation.
Olukoyede described currency racketeering and the widespread use of foreign currencies as acts of economic sabotage, highlighting their damaging impact on Nigeria’s financial stability. He stressed, “There is no country that doesn’t regard its currency as legal tender, and we must respect the Naira.” He also revealed that the EFCC’s Special Task Force is actively tackling the issue, with significant success. “This year alone, we have secured over 50 convictions related to currency crimes,” Olukoyede stated.
In a related development, the EFCC has summoned Nigerien national Ibrahim Mohammad, his family, and other guests over alleged abuse of the Naira at his wedding to Amina Babagana Zannah in Kano. This follows a viral video showing guests at the event spraying Naira notes, sparking public backlash. The EFCC’s action is part of its broader campaign against currency abuse.
Another notable case involves popular cross-dresser Idris Okuneye, known as Bobrisky, who is currently under prosecution for Naira abuse and other related offences.
Olukoyede also emphasized the EFCC’s commitment to maintaining high ethical standards within the commission. He revealed that several staff members had been dismissed for breaches of ethics, with one such dismissal occurring as recently as two weeks ago. “I take the issue of ethics very seriously,” he said, noting that upon assuming office, he declared his assets and encouraged all EFCC personnel to do the same.
Reflecting on the EFCC’s achievements, Olukoyede highlighted the commission’s success in asset recovery, which he identified as a key strategy in tackling financial crimes. “If you don’t focus on asset tracking and recovery, you won’t make much progress in fighting financial crimes,” he remarked. Over the past year, the EFCC has recovered nearly N250 billion, tens of millions of dollars, and numerous real estate properties across Nigeria. The commission has also secured close to 3,500 convictions, including several high-profile cases, despite some criticisms.
Responding to criticisms that the EFCC has focused too much on cybercrime, Olukoyede firmly defended the commission’s approach, stressing that cybercrime remains a major form of economic sabotage and a significant threat to Nigeria’s global reputation. “Cybercrime is a huge problem that must not be ignored. It has far-reaching consequences, and we cannot afford to take our eyes off it,” he stated.
