Emmanuel OchayiThe Economic and Financial Crimes Commission (EFCC) has apprehended more than 200 individuals across Nigeria in a sweeping crackdown on foreign exchange scams and financial market manipulation.
This unprecedented operation aims to curb the illegal activities of Bureau De Change (BDC) operators accused of currency speculation and forex fraud.
A source within the EFCC, who requested anonymity, disclosed, “Over 200 suspects have been arrested for forex scams and currency speculation. They are not all in Abuja; arrests were made in various states.”
Another EFCC official stated, “These suspects are being interrogated to determine their level of involvement. We conducted arrests in Abuja, Lagos, Rivers, and Kano States.”
A third source added, “This crackdown will yield positive results. Many perpetrators have been detained, and they will face legal consequences.”
The EFCC’s actions follow intensified efforts to stabilize the naira, which has suffered significant depreciation. The government attributes this decline to speculators manipulating the forex market and digital platforms.
Last Friday, May 17, the Uyo Zonal Command of the EFCC arrested five suspects at Ama-Hausa mosque in Aba, Abia State. The suspects, identified as Hassan Umaru, Haruna Umar, Badamasi Abdullahi, Auwal Muhammed, and Kasimu Muhammed, were found with various foreign currencies.
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EFCC spokesperson Dele Oyewale revealed, “Recovered currencies include 23,000 Won (Korean currency), 52 Yuan (Chinese currency), $6,500 Nippon Ginko, 40 notes of Dalawampung Piso (Philippines currency), 20 Gambian Dalasis, 20 Swaziland currency, and N382,000. Other items seized include seven mobile phones, a power bank, an air pod, and an ATM card.”
Oyewale added, “The suspects were under surveillance for weeks, leading to their arrest. They will be charged to court once investigations are complete.”
In another significant development, the EFCC’s Enugu Zonal Command arraigned Daniel Chukwuka Koussou, a forex broker, before Justice C. O. Ajah of the State High Court in Enugu. Koussou faces charges of criminal conversion and stealing N112.8 million.
The charge states: “That you, Daniel Chuwuka Koussou, sometime in July 2022, in Enugu, did commit a felony by fraudulently converting N112,800,800, property of Chinedu Igbokwe, to your use.”
Koussou pleaded not guilty and was remanded in custody pending bail conditions. Oyewale explained, “Koussou was arrested after a petitioner claimed he sent $276,000 to Koussou, who was supposed to convert it into naira and return it. Providus Bank paid Koussou the full amount in naira, but he only returned part of it, diverting the rest.”
This extensive crackdown on BDC operators highlights the Federal Government’s commitment to tackling financial crimes and stabilizing the local currency. Recently, the naira saw slight appreciation in both official and parallel markets. On Wednesday, the naira traded at 1,462/$ at the official market, compared to 1,465/$ on Tuesday. In the parallel market, it gained N10, trading at 1,470/$.
A currency trader in Wuse Zone 4 Market, Malam Yahu Ibrahim, noted, “Trading activities have been slow this week, possibly due to the Central Bank’s monetary policy committee meeting. We traded at N1,470 today, but we are buying between N1,450 and N1,455. Demand is there, but people are waiting to see what happens next.”
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
