The Economic and Financial Crimes Commission (EFCC) task force, dedicated to tackling currency mutilation, dollarization of the economy, and forex malpractice, has arrested 34 individuals suspected of currency speculation and foreign exchange fraud.
In a proactive move to curb illegal currency trading, EFCC’S task force conducted an operation on April 26, 2024, following actionable intelligence regarding illicit dollar sales in the Wuse Zone 4 area of the Federal Capital Territory, Abuja.
The EFCC said: “Operatives of the Economic and Financial Crimes Commission, EFCC, attached to the Taskforce on Currency mutilation, Dollarization of the Economy and Forex Malpractice, have arrested 34 suspected currency speculators for alleged foreign exchange fraud.
“They were arrested on Friday, April 26, 2024 in a sting operation following credible intelligence about illegal sales of dollars at the Wuse Zone 4 area of the Federal Capital Territory Abuja.
“The suspects are: Usman Mohammed, Abdullahi Nasir, Abubakar Saleh, Mohammed Kabir Ibrahim, Abubakar Ghadafi, Muktar Usman, Umar Abubakar Abba, Yakubu Sani, Aminu Abubakar, Muhammed Suleman Abara, Yusuf Tahir, Usman Lawal, Usman Lawal, Usman Umar, Amina Garba Rola, Muhammed Aliyu, Murtala Haruna, Sani Mohammed, Umar Farouk, Muhammed Sagiuru, Aminu Salisu, Lawal Bello, Munzali Hashim, Jamilu Suleiman, Mustapha Umar, Mubarak Tanimu, Adamu Garba, Mohammed Usman, Bello Musa, Saleh Mohammed Naseer, Zaharadeen Yau, Musa Umaru Adamu, Usman Machido and Abdulaziz Abubakar Abba.
“Their arrest came on the heels of the EFCC’s consistent efforts to sanitise and stabilise the foreign exchange market.
“They will soon be arraigned in court upon conclusion of investigations.”
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The arrests emphasize the EFCC’s unwavering commitment to combating financial crimes and ensuring the integrity of Nigeria’s economic environment. The agency has been vigilant in monitoring and dismantling syndicates engaged in currency speculation and other forms of forex malpractice, which undermine the nation’s financial stability.
Upon completion of thorough investigations, the apprehended individuals will face legal proceedings. The EFCC is poised to present compelling evidence against the suspects in court, as part of its mandate to prosecute offenders and deter others from engaging in similar unlawful activities.
The swift and decisive action taken by the EFCC serves as a stern warning to those involved in illegal currency trading and other financial crimes. The agency remains resolute in its pursuit of justice and will continue to deploy strategic measures to combat financial fraud and uphold the rule of law.