EFCC goes after forex manipulators

Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, yesterday, revealed how the anti-graft agency intervened swiftly a fortnight ago, when some Bureau de Change (BDC) were involved in forex manipulation, which saw the local currency exchanging for over N700 to a dollar at the black market.

Though Bawa didn’t give elaborate details, he, however, said the Commission’s intervention led to the drastic fall. He spoke at a workshop in Abuja on “Effective Reporting of Economic and Financial Crimes”, organised by the Commission for journalists covering anti-corruption.

Bawa, who took over from disgraced former acting chairman of the commission, Ibrahim Magu, also revealed how the agency has been battling the fight against economic and financial crimes.

He said: “One achievement which most of you may not easily recognise is the impact which EFCC’s intervention in the forex market has had on the value of the naira.

“From well over N710 to the dollar, following the commission’s intervention, the naira has appreciated significantly against the dollar in the parallel market, and we are not relenting in our efforts to check harmful speculative activities in the sector.

“I urge you to also beam your searchlights on this area, as it is in our collective interest to have a national currency whose value is not subject to the whims of crooked speculators.

“Before the coming of the EFCC, the prosecution of financial crime was almost dead. Through the efforts of EFCC, things have changed. Fighting corruption is a difficult terrain.

“In the whole of Africa, no country has done what we’re doing. There are many things we still need to do. The system needs to be worked on. There are cases that have lingered on for over 10 years. It is not the problem of EFCC; it is the system.”

Speaking on thousands of convictions so far secured by the EFCC, since he assumed office, Bawa said more would be done in the coming months.

He said: “The war against crruption is a worthy fight for the soul of Nigeria, and for the future generation; it should not be left to the EFCC alone. The notion, for instance, that the commission is draconian in its approach to fighting cybercrime is, perhaps, borne out of poor understanding of its modus operandi. But, I am convinced that at the end of this workshop, we will all be better educated on the processes and procedures of the EFCC.

“Some of you will recall that at the end of 2021, the commission announced that it recorded a total of 2,220 convictions. I am pleased to inform you that we are poised to improve on that figure, as the record of convictions as of August 5, 2022 was 2,210.”

Source: The Sun


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