EFCC Taskforce Nabs 34 Suspected Currency Speculators for Forex Fraud

The Economic and Financial Crimes Commission (EFCC) Taskforce on Currency Mutilation, Dollarization of the Economy, and Forex Malpractice has apprehended 34 individuals suspected of engaging in foreign exchange fraud.

According to a statement by EFCC spokesman, Dele Oyewale, the arrests were made on Friday during a sting operation in response to credible intelligence regarding illegal dollar sales in the Wuse Zone 4 area of the Federal Capital Territory, Abuja.

The suspects, whose names were disclosed, include Usman Mohammed, Abdullahi Nasir, Abubakar Saleh, Mohammed Kabir Ibrahim, Abubakar Ghadafi, Muktar Usman, Umar Abubakar Abba, Yakubu Sani, Aminu Abubakar, Muhammed Suleman Abara, Yusuf Tahir, Usman Lawal, Usman Umar, Amina Garba Rola, among others.

The EFCC’s crackdown on the suspects is part of its ongoing efforts to cleanse and stabilize the foreign exchange market. Upon completion of investigations, the suspects will be prosecuted in court.