The Economic and Financial Crimes Commission (EFCC) has apprehended more than 200 individuals linked to foreign exchange fraud and financial market manipulation. These suspects, primarily Bureau De Change (BDC) operators, were arrested in a nationwide crackdown aimed at stabilizing the local currency.
According to reliable sources, who spoke on condition of anonymity, the EFCC has detained suspects across various states. “Over 200 suspects have been arrested for forex scams and currency speculation,” one source disclosed. The suspects are currently held in multiple locations, not just the EFCC headquarters in Abuja.
An official from the EFCC confirmed, “The arrests span across Abuja, Lagos, Rivers, and Kano States. Our investigators are interrogating the suspects to determine their levels of involvement in the forex scam.”
This large-scale operation forms part of the Federal Government’s strategy to combat the steep decline of the naira. The government attributes the currency’s depreciation to speculators in the forex market and digital trading platforms.
The intensified crackdown was highlighted last week when The PUNCH reported the EFCC’s arrests of BDC operators in Lagos, Kano, and Port Harcourt. On May 17, EFCC operatives from the Uyo Zonal command detained five alleged forex speculators at Ama-Hausa mosque in Aba, Abia State. The suspects—Hassan Umaru, Haruna Umar, Badamasi Abdullahi, Auwal Muhammed, and Kasimu Muhammed—were caught with various foreign currencies and sums.
EFCC spokesperson Dele Oyewale detailed the seizure: “Recovered currencies include 23,000 Won (Korean currency), 52 Yuan (Chinese currency), $6,500 Nippon Ginko, 40 notes of Dalawampung Piso (Philippines currency), 20 Gambian Dalasis, 20 Swaziland currency, and N382,000.”
Other confiscated items included mobile phones, a power bank, an air pod, and an ATM card. Oyewale stated, “The arrests followed weeks of surveillance and credible intelligence. The suspects will be prosecuted upon conclusion of the investigations.”
The EFCC’s actions underscore the government’s commitment to curbing forex market abuses and stabilizing the naira.
