EFCC Arrests 5 Suspected Illegal Bureau De Change Operators, Secures 3,175 Convictions In One Year

Operatives of the Maiduguri Zonal Command of the Economic and Financial Crimes Commission (EFCC) have arrested five suspected illegal bureau de change operators on Tuesday, May 28, 2024.

The suspects were apprehended at the Borno State Hajj Camp, located at Sir Kashim Ibrahim College of Education in Maiduguri, following credible intelligence about their involvement in the sale of foreign currencies.

In a related development, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, disclosed that the Commission secured 3,175 convictions and recovered N156,276,691,242.30 between May 29, 2023, and May 29, 2024.

This announcement was made in Abuja on Wednesday, May 29, 2024, during the launch of the Zero Tolerance Club at the University of Abuja, Gwagwalada.

Speaking through the Secretary to the Commission, Mohammed Hammajoda, Olukoyede highlighted the financial recoveries made within the year, which included $43,835,214.24, £25,365.00, €186,947.10, ₹51,360.00, C$3,750.00, A$740.00, ¥74,754.00, R35,000.00, 42,390.00 UAE Dirhams, 247.00 Riyals, and 21,580,867,631 Cryptocurrency.

Olukoyede expressed concern over the rising involvement of youths in internet fraud. 

“Despite this commendable performance, the Commission is deeply worried about the increasing involvement of young people, including students, in cybercrime, popularly called yahoo-yahoo. 

Hundreds of suspects are arrested monthly, with many of them ending up in jail,” he stated.

He urged students to steer clear of internet fraud, stressing that a conviction for fraud would leave a lifelong scar. 

“There is no justification that will make yahoo-yahoo acceptable. Contrary to the impression in some quarters, being a fraudster is not synonymous with creativity or being smart. 

“As students, you are expected to channel your creative energies into useful engagements and not get entangled in cheating others of their resources,” Olukoyede emphasized.

Also speaking at the event, the Director of the Public Affairs Department of the EFCC, Wilson Uwujaren, explained the Commission’s presence at the University.

“The blessings that God has given Nigeria have not really translated into wealth for all of us. 

And for some of us who are a little bit older, we have cause to express worry about the future of our children and the future of our youths. 

This is why the EFCC is here today not only to launch a Zero Tolerance Club for you but to also sensitize you on why it is important for you to embrace the fight against corruption,” he said.

Uwujaren further explained that the Zero Tolerance Club would serve as a platform for continuous dialogue on the necessity of winning the war against corruption.

 “The Club is a platform for continuous conversation on why our nation has to fight and win the war against corruption,” he added.

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