The Economic and Financial Crimes Commission (EFCC) has convicted more than 50 individuals for currency racketeering and the illegal dollarisation of the Nigerian economy in 2024.
This disclosure was made by EFCC Chairman, Ola Olukoyede, during a visit by the Senate Committee on Anti-Corruption and Financial Crimes to the agency’s headquarters in Abuja on Monday.
Olukoyede described currency racketeering and dollarisation as acts of economic sabotage that undermine Nigeria’s financial system. He emphasized the importance of respecting the naira, noting that EFCC’s Special Task Force is actively enforcing compliance across the country.
In its ongoing crackdown on currency misuse, the EFCC has summoned a Nigerien national, Ibrahim Mohammad, along with his family and guests, for allegedly spraying naira notes at a wedding in Kano.
The incident, captured in a viral video, drew widespread public criticism.
Additionally, the EFCC is prosecuting popular cross-dresser Idris Okuneye, known as Bobrisky, over alleged naira abuse and other offences, as part of its campaign to safeguard the integrity of the national currency.
Focus on Ethics and Asset Recovery
Addressing the Senate Committee, Olukoyede underscored the commission’s commitment to ethics and transparency.
“Upon my assumption of office, I declared my assets and encouraged all staff to do the same,” he said, adding that several employees were dismissed recently for breaching ethical standards.
Highlighting the EFCC’s achievements, Olukoyede reported significant asset recoveries, including nearly ₦250 billion, tens of millions of dollars, and numerous real estate properties across Nigeria over the past year. The agency has also secured around 3,500 convictions, including high-profile cases.
“Asset recovery is crucial because if financial criminals retain access to their illicit gains, they can go to great lengths to thwart law enforcement efforts,” he explained.
Cybercrime: A Priority in the Fight Against Economic Sabotage
In response to criticisms of the EFCC’s focus on cybercrime, Olukoyede defended the agency’s actions, stressing that cybercrime constitutes economic sabotage and severely damages Nigeria’s global reputation.
“Economic sabotage is a critical issue, and there is no crime too small to investigate. Ignoring smaller crimes today means dealing with bigger problems tomorrow,” he stated. “Cybercrime has cost Nigeria over $500 million in just one year, yet some critics suggest we shouldn’t prioritize it. This kind of crime not only depletes our economy but also tarnishes the image of every Nigerian abroad.”
The EFCC chairman reiterated the agency’s resolve to combat all forms of financial crime, regardless of the size or influence of the perpetrators, to protect the nation’s economic integrity.
