BREAKING: EFCC Freezes Over 300 Accounts Linked to Illegal Foreign Exchange Trading

BREAKING: EFCC Freezes Over 300 Accounts Linked to Illegal Foreign Exchange Trading

  • The EFCC chairman, Ola Olukoyede, has revealed that the anti-graft agency has discovered fraudulent schemes
  • Consequently, the EFCC boss said the agency has frozen about 300 accounts to ensure the safety of the foreign exchange market
  • understands that the scheme popularly called the peer-peer financial trading scheme (P to P) has operated outside the nation’s official banking and financial system journalist Ridwan Adeola Yusuf has over 9 years of experience covering public journalism.

FCT, Abuja - The Economic and Financial Crimes Commission (EFCC) has frozen more than 300 accounts linked to illicit foreign exchange (FX) trading.

The Cable noted this update on Tuesday, April 23, 2024.

EFCC freezes over 300 accounts over suspicious foreign exchange flows
EFCC freezes 300 illegal forex accounts. Photos credit: Economic and Financial Crimes Commission
Source: Twitter

The online newspaper said speaking in Abuja on Tuesday, April 23, Ola Olukoyede, EFCC’s chairman, disclosed that the EFCC secured a court order to freeze the accounts.

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Channels Television quoted the EFCC boss as saying the anti-graft agency has discovered another worse scheme other than the cryptocurrency trading platform, Binance.

A passionate Olukoyede said:

“We got an order to freeze those accounts imagine what would have happened if we didn’t seize those accounts.
“There are people in this country doing worse than Binance."

Olukoyede stated that over 15 billion dollars passed through one of the platforms in the last year, which was not regulated by financial regulators.

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Forex scam: EFCC arrests fake airline captain

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Earlier, reported that the EFCC arrested a man who claimed to be an airline captain for defrauding a customer of N1 billion in a foreign exchange deal.

The suspect, identified as Captain Nuhu Haruna, was arrested by the operatives of the Kaduna Zonal Command of the EFCC following a petition from the victim.

The victim alleged that he met Haruna in December 2023 through a mutual acquaintance who introduced him as a reliable source of foreign currency.


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