In a bid to address mounting concerns surrounding currency mutilation and the pervasive dollarization of Nigeria’s economy, the Economic and Financial Crimes Commission (EFCC) has launched a significant initiative.
Headed by Executive Chairman Ola Olukoyede, the EFCC has rolled out a dedicated Special Task Force, operational across all its Zonal Commands.
“This initiative is a crucial step towards enforcing existing laws aimed at curbing currency mutilation and preventing the infiltration of foreign currencies into our financial system,” Olukoyede said during the inauguration of the task force.
The move comes amid escalating worries about the adverse impact of illegal practices on the nation’s economic stability.
“We are determined to staunch the tide of abuses, leakages, and distortions that pose a significant threat to our economy,” Olukoyede emphasized.
Already demonstrating proactive measures, the EFCC has made noteworthy arrests in Lagos and Port Harcourt related to illegal activities such as issuing invoices in dollars and defacing Nigerian currency. “These enforcement actions underscore our unwavering commitment to upholding the sanctity of Nigeria’s legal tender,” stated Olukoyede.
In addition to these arrests, the EFCC has initiated inquiries into allegations against proprietors of private universities and educational institutions charging fees in foreign currencies.
“We aim to root out any practices undermining our country’s monetary sovereignty and economic stability,” declared Olukoyede.
Reaffirming the EFCC’s mandate to enforce all relevant laws aimed at revitalizing the economy, Olukoyede concluded, “We send a clear message that we will spare no effort in safeguarding Nigeria’s financial integrity and promoting a robust and sustainable economic environment.”
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