The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has announced that the agency has recovered N120 billion and secured 1,300 convictions within the past six months.
In an effort to protect the stability of the foreign exchange market, the EFCC has uncovered a fraudulent scheme known as “Peer to Peer (P2P) trading.” This platform operates outside of official banking and financial channels.
Over 300 accounts linked to illicit foreign exchange transactions have been frozen by the EFCC. Olukoyede emphasized the commission’s commitment to economic growth and development.
“We discovered that there are individuals within the system who are worse than Binance,” said Olukoyede, referring to an ongoing investigation into the cryptocurrency exchange.
The recent depreciation of the naira was attributed to the activities of individuals involved in illicit forex trading on P2P platforms.
Olukoyede urged Nigerians to support the EFCC’s efforts, emphasizing the commission’s vital role in combating corruption and promoting economic progress. CONTINUE READING
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