The Economic and Financial Crimes Commission (EFCC) has secured convictions against more than 50 individuals for currency racketeering and the dollarisation of Nigeria’s economy in 2024 alone, according to EFCC Chairman Ola Olukoyede.
He revealed this during a Senate Committee oversight visit led by Senator Emmanuel Udende, Chairman of the Senate Committee on Anti-Corruption and Financial Crimes, at the EFCC headquarters in Abuja on Monday.
Olukoyede condemned currency racketeering as “economic sabotage,” stressing the importance of respecting the naira.
“There is no country in the world that doesn’t regard its currency as a legal tender,” he said, adding, “Our Special Task Force has brought some sanity in handling the national currency. This year alone, we have secured over 50 convictions on it.”
Olukoyede highlighted the EFCC’s commitment to ethics, sharing his personal dedication to transparency.
“I take ethics seriously and have dismissed several employees on account of it,” he stated. He also noted that, upon assuming office, he declared his assets and encouraged others to do the same.
The EFCC Chief further celebrated the commission’s achievements, reporting that asset recoveries in the past year totalled nearly N250 billion, alongside tens of millions of dollars and numerous real estate assets nationwide.
“Within the last year, we’ve secured close to 3,500 convictions, including high-profile cases,” he added.
Addressing criticism over EFCC’s focus on cybercrime, Olukoyede asserted that tackling cybercrime is essential to safeguarding Nigeria’s reputation and economy.
“Cybercrime has cost us over $500 million in one year,” he emphasised. “Some criticisms come from people who should know better. A crime that affects our global reputation cannot be ignored.”
Olukoyede underscored the EFCC’s mission to combat financial crimes of all scales, pledging, “There is no financial crime too small to investigate or prosecute, and no one is too big to face justice.”
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