EFCC Freezes 300 Suspected Illegal Forex Bank Accounts, Targets Naira Stability

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The Economic and Financial Crimes Commission (EFCC) revealed on Tuesday that it has taken action to freeze approximately 300 suspected illegal forex accounts operating on a peer-to-peer platform. Ola Olukoyede, EFCC Chairman, made this announcement during an interactive session with journalists in Abuja, emphasizing the urgency of curbing illicit financial activities that pose a threat to the stability of the Nigerian naira.

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The illicit “P to P” (peer-to-peer) financial trading scheme, as termed by Olukoyede, has operated outside the bounds of official banking channels, raising concerns about its detrimental impact on the economy. Notably, over $15 billion flowed through one of the forex platforms within the past year, evading financial regulations.

The EFCC’s decisive action to freeze these accounts aims to safeguard the foreign exchange market and fortify the nation’s economy. Olukoyede underscored the significance of the EFCC’s intervention, highlighting the potential ramifications of unchecked illicit forex trading activities.

Addressing journalists, Olukoyede expressed concern over the nefarious motives of certain individuals who derive pleasure from destabilizing the country’s financial landscape. He emphasized the EFCC’s commitment to upholding the rule of law and protecting Nigeria’s economic interests against illicit financial practices.

In addition to addressing illegal forex trading, Olukoyede reiterated the EFCC’s determination to prosecute individuals implicated in financial impropriety, including former Kogi State Governor, Yahaya Bello. The EFCC chair vowed to pursue justice rigorously, ensuring that those who obstruct justice face the full force of the law.

Regarding the ongoing investigation into alleged corruption at the humanitarian affairs ministry, Olukoyede highlighted the systemic issues underlying funds mismanagement within the agency. He stressed the need for comprehensive scrutiny of financial transactions and accountability across administrations to address entrenched corruption effectively.

Olukoyede urged Nigerians to support the EFCC’s anti-graft efforts, emphasizing the critical role of the commission in safeguarding national interests and combating financial crimes. He underscored the importance of collective action in promoting transparency and accountability, emphasizing that the EFCC’s success is synonymous with Nigeria’s progress and prosperity.


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Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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