EFCC Secures Over 50 Convictions for Currency Racketeering Amid Dollarisation Crackdown
By Matthew Eloyi
The Economic and Financial Crimes Commission (EFCC) has successfully convicted more than 50 individuals for currency racketeering and dollarisation of the Nigerian economy in 2024, marking a significant crackdown on economic sabotage.
EFCC Chairman Ola Olukoyede disclosed this on Monday in Abuja during an oversight visit from the Senate Committee on Anti-Corruption and Financial Crimes, led by Senator Emmanuel Udende.
Olukoyede emphasised the need to uphold the naira’s integrity, describing currency racketeering and dollarisation as forms of economic sabotage.
“We must respect the Naira,” he stated, adding that the EFCC’s Special Task Force has been actively working to address abuses of the national currency.
“This year alone, we have procured over 50 convictions on it,” he said.
Among ongoing investigations, Olukoyede confirmed that the EFCC summoned a Nigerien national, Ibrahim Mohammad, along with his family, over allegations of naira abuse at a high-profile wedding in Kano, following a viral video that showed guests spraying naira notes.
The EFCC Chairman also referenced the case of Idris Okuneye, known as Bobrisky, who is currently being prosecuted for naira abuse among other offences.
Reflecting on the Commission’s integrity, Olukoyede highlighted a zero-tolerance approach toward internal misconduct.
“I take the issue of ethics very seriously and have had cause to dismiss a number of workers recently,” he said, adding that he declared his assets upon taking office and encouraged EFCC staff to follow suit.
In terms of achievements, Olukoyede reported, “We have recovered close to N250 billion, tens of millions of dollars, and significant real estate assets across the country in the past year.”
He also noted a record of nearly 3,500 convictions within the same period, including several high-profile cases.
Responding to criticisms for focusing on cybercrime, Olukoyede defended the agency’s actions, asserting that cybercrime represents serious economic sabotage.
“A crime that has made us lose over $500 million in one year deserves attention,” he remarked.
“If you refuse to do the small one today, tomorrow they will become big. So, people should stop criticising us for investigating and prosecuting cybercrime,” he added.
As Nigeria continues to face complex financial challenges, Olukoyede stressed the EFCC’s commitment to tackling economic sabotage in all forms to protect the country’s financial and reputational standing globally.