The Economic and Financial Crimes Commission (EFCC) has taken decisive action to curb illicit peer-to-peer forex trading, freezing approximately 300 suspected illegal accounts operating on such platforms. EFCC Chairman, Ola Olukoyede, disclosed this during an interactive session with journalists in Abuja on Tuesday, stating that the move was made in response to a court order issued on Monday.
Describing the peer-to-peer financial trading scheme as a significant threat to the stability of the naira, Olukoyede emphasized that over $15 billion had flowed through one of these forex platforms in the past year, outside the bounds of financial regulations. He underscored the EFCC’s commitment to safeguarding the foreign exchange market and protecting the economy, noting that recent efforts had helped shore up the weakening naira.
Olukoyede highlighted the urgency of the EFCC’s intervention, asserting that the frozen accounts could have precipitated another currency crash within a week if left unchecked. He condemned individuals who seemed to derive pleasure from the country’s turmoil and emphasized the agency’s resolve to uphold the rule of law, regardless of any resistance faced.
In addition to addressing forex-related offenses, the EFCC chairman addressed the case involving Yahaya Bello, the former Governor of Kogi State. Olukoyede vowed to ensure Bello’s prosecution, promising to resign if the former governor evades accountability. He reiterated the agency’s commitment to pursuing justice and holding accountable all those who impede its efforts, regardless of external pressures.
Olukoyede recounted efforts to engage Bello in clarifying allegations against him, including extending an invitation to him for interrogation at the EFCC office. Despite these attempts, Bello allegedly declined, citing concerns about potential embarrassment orchestrated by a senator and the media. The EFCC chairman affirmed the agency’s adherence to due process and its unwavering pursuit of justice in the face of such challenges.
