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The Economic and Financial Crimes Commission (EFCC) announced the arrest of 34 individuals suspected of involvement in foreign exchange (FX) fraud.
According to a statement released on Friday, the EFCC conducted the operation through its task force focusing on currency mutilation, dollarization of the economy, and FX malpractice.
Source: UGC
The arrests took place in Wuse Zone 4, Abuja, on April 26, following a sting operation based on credible intelligence regarding illegal dollar sales.
Operatives of the Economic and Financial Crimes Commission, EFCC, attached to the Taskforce on Currency mutilation, Dollarization of the Economy and Forex Malpractice, have arrested 34 suspected currency speculators for alleged foreign exchange fraud.”
“The suspects are: Usman Mohammed, Abdullahi Nasir, Abubakar Saleh, Mohammed Kabir Ibrahim, Abubakar Ghadafi, Muktar Usman, Umar Abubakar Abba, Yakubu Sani, Aminu Abubakar, Muhammed Suleman Abara, Yusuf Tahir, Usman Lawal, Usman Lawal.”
The agency also arrested Usman Umar, Amina Garba Rola, Muhammed Aliyu, Murtala Haruna, Sani Mohammed, Umar Farouk, Muhammed Sagiuru, Aminu Salisu, Lawal Bello, and Munzali Hashim.
Other include: Jamilu Suleiman, Mustapha Umar, Mubarak Tanimu, Adamu Garba, Mohammed Usman, Bello Musa, Saleh Mohammed Naseer, Zaharadeen Yau, Musa Umaru Adamu, Usman Machido, and Abdulaziz Abubakar Abba.
The EFCC stated that the arrest was a result of its continuous efforts to sanitize and stabilize the FX market. It added that once investigations are concluded, the suspects will be brought before the court.
On February 24, the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA) formed a partnership to probe and punish individuals engaged in illicit activities within the foreign exchange market.
This decision was prompted by the persistent depreciation of the naira, which has led to adverse effects on inflation and economic stability.
As part of the collaboration, which also included the EFCC, over 300 accounts associated with illicit FX trading were frozen.
The EFCC initiated an investigation into 52 companies for forex transactions on January 24.
Source: Legit.ng
