The Economic and Financial Crimes Commission (EFCC) has intensified its crackdown on forex racketeers by initiating investigations into 1,146 bank accounts belonging to individuals and companies suspected of involvement in money laundering, unauthorized dealing in foreign exchange, and illegal manipulation of the naira.
This move comes as part of the EFCC’s broader efforts to address the destabilizing effects of illegal activities on the Nigerian economy. The commission obtained an interim order from Justice Emeka Nwite of the Federal High Court, Abuja, granting the freezing of these accounts.
The ruling, delivered on April 24, allows the EFCC to conclude its investigation within 90 days. The decision was made on an ex-parte motion presented by the EFCC’s counsel, Ekele Iheanacho, who emphasized the urgency of the investigation.
According to the EFCC, these accounts are suspected to be linked to individuals exploiting cryptocurrency platforms to manipulate the value of the naira and launder proceeds from illicit activities.
Earlier efforts by the EFCC targeted 300 illegal forex accounts operating on peer-to-peer platforms. The agency’s chairman, Ola Olukoyede, highlighted the prevalence of unauthorized transactions amounting to over $15 billion, underscoring the need to safeguard the foreign exchange market and protect the economy.
In addition to freezing accounts, the EFCC has deployed a 7,000-member task force to apprehend forex speculators and racketeers. Raids have been conducted in various locations, leading to the arrest of suspects involved in illicit forex activities.
The Nigerian government has also taken broader measures to stabilize the naira, including blocking online platforms of crypto firms like Binance to curb forex market manipulation and illicit fund movements. Additionally, two senior executives of Binance have been detained pending further investigation.
In response to the naira crisis, the Finance Minister, Wale Edun, held discussions with the Governor of the Central Bank of Nigeria, Yemi Cardoso, and EFCC Chairman Ola Olukoyede to devise strategies for addressing exchange rate volatility.
The interim order obtained by the EFCC underscores the government’s commitment to combatting financial crimes and ensuring the integrity of the Nigerian financial system. With investigations ongoing, the EFCC aims to unravel the complexities of illicit forex activities and hold perpetrators accountable for their actions.