Over 50 party organizers and their guests have been convicted in different courts across Nigeria after they were arraigned by the Economic and Financial Crimes Commission (EFCC) for abusing the country’s currency, Naira.
The convictions were secured from various courts by the EFCC as part of bringing offenders to justice after investigations proved that the convicts had abused Naira during parties and inside night clubs in the country.
The anti-graft agency’s boss, Ola Olukoyede, disclosed this yesterday during a visit by the Senate committee overseeing the EFCC affairs in Abuja.
Olukoyede noted that the legal process addresses crimes like currency racketeering and the dollarization of the Nigerian economy, emphasizing the need to uphold the Naira as the nation’s legal tender.
“I would also like you to know that part of the economic sabotage is in the area of currency racketeering and mutilation and the dollarization of our economy. No country in the world doesn’t regard its currency as a legal tender. We must respect the Naira,” he explained.
The EFCC boss, who highlighted a few of his agency’s achievements in the fight for financial crime including the tracking and recovery of huge sums from money launderers regardless of their position,
“We are happy to report to you that in the last year, we have done close to N250 billion and several tens of millions of dollars and also quite a number of real estate across the country in asset recovery. Within the last year, we have secured close to 3,500 convictions. Some of these convictions are high profile, not minding what some people are saying” he said.
While addressing criticism that the agency is more focused on cybercrime, Olukeyede emphasized that he cannot ignore it, as it constitutes economic sabotage and damages Nigeria’s reputation, noting that economic sabotage is a key issue he identified upon assuming office.
Additionally, he noted that no financial crime is too minor to prosecute or too significant to avoid, especially given that cybercrime cost Nigeria over $500 million in a single year and should not be dismissed.
Meanwhile, earlier during the visit, the Senate Committee Chairman on Anti-Corruption and Financial Crimes, Emmanuel Udende, commended the agency for its performance in the past year, stressing that the Commission has singlehandedly tackled the menace of economic and financial crimes, with ascertainable proof.
“We have looked at the records, the budget performance, what the EFCC has done in the past one year and we are quite impressed with what they have done. Within the one year under consideration, the chairman has recovered so much for this nation, and for that reason, we as a Committee want to commend the Chairman for doing a very wonderful job,” he concluded.
