The Economic and Financial Crimes Commission (EFCC) has taken a significant step in curbing illegal forex trading by freezing 300 accounts involved in peer-to-peer platform transactions outside financial regulations. During an interactive session, EFCC Chairman Ola Olukoyede disclosed that one account had illicitly traded over $15 billion in the past year alone.
Olukoyede highlighted that the recent crackdown on online crypto platforms like Binance aimed to prevent forex market manipulation and illicit fund movements. Despite the measures, traders have shifted to alternative platforms and messaging apps for transactions.
The EFCC’s actions have stabilized the forex market, preventing a potential crash that could have led to further devaluation of the naira. Olukoyede emphasized the agency’s commitment to due process and protecting the economy, urging Nigerians to support their efforts.
Additionally, the EFCC is intensifying its focus on illegal mining, intercepting 40 trucks of illegally mined lithium. The agency also remains steadfast in pursuing former Kogi State Governor Yahaya Bello on charges of money laundering and misappropriation of funds.
Meanwhile, the EFCC continues to face challenges in apprehending Bello, who has evaded arrest despite court orders. His counsel argued for the quashing of the arrest warrant, while the prosecution emphasized the need for Bello’s physical presence in court for arraignment.