EFCC Secures 23 Convictions Over Currency Racketeering In One Month

The Economic and Financial Crimes Commission (EFCC), has secured 23 convictions for the offence of currency racketeering and operation of illegal Bureau De Change (BDCs) with the establishment of Special Task Force in less than a month.

The Commission revealed this in a monthly e-magazine: EFCC Alert, made available to THE WHISTLER by its spokesman, Dele Oyewale on Monday evening.

According to the magazine, eleven of the convictions were recorded
in Kano alone; three in Ilorin, the Kwara State capital, five in Lagos, one in Port Harcourt and three in Kaduna.

“Currently facing prosecution for the same offences are 170 suspects, spread across just eight zonal offices of Kano, Ibadan, Enugu, Lagos, Abuja, Port Harcourt, Uyo and Maiduguri.

“Of the haul of 116 arrests made in Enugu in a sting operation, comprising a mix of illegal bureau de change operators, currency speculators and street hawkers operating illegal foreign exchange markets, recoveries included, N110, 700,000.00 and (One Hundred and
Ten Million, Seven Hundred Thousand Mozambique currencies in different Naira).

Others are “$8,368.00 (Eight thousand, three hundred and Sixty eight united states dollars), £145.00( One Hundred and Forty Five Pounds), €2,725 (Two thousand, seven hundred twenty 32,000.00 CFA, 100 Turkiya, and 500 Bank Five euros), 900 South African Rand, denominations, and an abandoned safe by currency street hawkers.

“Some of the suspects are foreigners from neighbouring countries,” the magazine said.