Abiodun Sanusi, Damilola Aina
The Economic and Financial Crimes Commission (EFCC) has arrested over 200 suspects linked to foreign exchange scams and financial market manipulation. Sources familiar with the situation, who spoke to The PUNCH on Wednesday, revealed that these arrests predominantly involved Bureau De Change (BDC) operators across various states in Nigeria.
One source stated, “More than 200 suspects have been apprehended for forex scams and currency speculation. They were arrested in multiple locations, not just in Abuja or at our headquarters.”
Another source confirmed, “We have over 200 individuals in custody for foreign exchange scams and financial market manipulation. They are currently being interrogated to ascertain their level of involvement, with many arrests made in Abuja, Lagos, Rivers, and Kano states.”
The EFCC’s crackdown on forex scammers aims to combat the local currency’s decline, which the government attributes to speculative activities in the forex market and digital platforms.
Last week, the EFCC expanded its operations, detaining traders in Lagos, Kano, and Port Harcourt. Notably, on May 17, operatives from the Uyo Zonal Command arrested five suspected forex speculators at a mosque in Aba, Abia State. The suspects—Hassan Umaru, Haruna Umar, Badamasi Abdullahi, Auwal Muhammed, and Kasimu Muhammed—were found with various foreign currencies and cash totaling N382,000.
EFCC spokesperson Dele Oyewale provided details on the recovered currencies, which included Korean Won, Chinese Yuan, and other international currencies. The suspects will face charges as soon as investigations conclude.
In a separate case, Daniel Chukwuka Koussou, a forex broker, was arraigned before the Enugu State High Court for allegedly stealing N112.8 million. Koussou is accused of fraudulently converting funds sent by a petitioner for currency exchange. He pleaded not guilty and was remanded in custody pending bail.
