The Economic and Financial Crimes Commission (EFCC) has apprehended over 200 suspects across various states in Nigeria in a sweeping crackdown on forex scams and currency manipulation.
The arrests primarily target Bureau De Change (BDC) operators allegedly involved in fraudulent activities affecting the nation’s financial markets.
According to confidential sources familiar with the matter, the EFCC’s operations have resulted in the detention of numerous individuals suspected of engaging in illicit forex practices.
The suspects, spread across the country, including key regions like Abuja, Lagos, Rivers, and Kano, are currently undergoing interrogation by EFCC investigators to ascertain the extent of their involvement in the alleged scams.
The recent clampdown is part of the federal government’s efforts to combat the free fall of the local currency, following earlier reports of similar arrests in locations such as Lagos, Kano, and Port Harcourt.
The government has attributed the depreciation of the naira to the actions of speculators in the forex market and the digital marketing sphere.
One of the sources told Punch, “Over 200 suspects have been arrested by the EFCC for forex scam and currency speculation. Not all the arrested suspects are in Abuja or at our headquarters because they were arrested in various states across the country.”
Another source noted, “I can confirm that we have arrested over 200 people for foreign exchange scam and manipulation of the financial markets; they are all being interrogated by our investigators to determine the degrees of their involvements. Most of them were arrested in Abuja, Lagos, Rivers, and Kano States.”
Also, a third source stated, “The clampdown on the forex scammers would yield positive results. Many of them have been arrested, and they will face the consequences of their actions.”
Meanwhile, the EFCC’s Enugu Zonal Command has arraigned a forex broker, Daniel Chukwuka Koussou, before Justice C. O. Ajah of the State High Court in Enugu. Koussou stands accused of criminal conversion and stealing the sum of N112.8 million from a petitioner.
Despite pleading not guilty, Koussou has been remanded in the Enugu State Correctional facility pending further legal proceedings.
