The Economic and Financial Crimes Commission (EFCC) has successfully convicted over 50 individuals involved in currency racketeering and the illegal dollarisation of Nigeria’s economy in 2024. EFCC Chairman, Ola Olukoyede, made this announcement in Abuja on Monday, November 11, during a visit from the Senate Committee on Anti-Corruption and Financial Crimes. The visit, led by Committee Chairman Senator Emmanuel Udende, focused on oversight and budget presentations at the EFCC’s headquarters.
Olukoyede condemned currency racketeering and dollarisation, labeling them acts of economic sabotage. "Currency racketeering and dollarisation undermine our economy and devalue the Naira," he emphasized, highlighting the need to protect the Naira’s status as Nigeria’s legal tender.
He further explained that the EFCC's Special Task Force is actively working nationwide to enforce regulations and instill respect for the Naira. “While the challenge persists, we’re making strides. In 2024 alone, we have achieved over 50 convictions in cases related to currency mismanagement,” he added.
