The Economic and Financial Crimes Commission (EFCC) is set to prosecute 300 forex racketeers operating on a peer-to-peer platform outside financial regulations. This move comes after the agency froze the accounts of these individuals following a court order. One of the accounts in question reportedly traded over $15 billion in the past year.
The crackdown on forex racketeers is part of the government's efforts to curb illicit financial activities. Recently, the Federal Government, through the Nigerian Communications Commission, blocked online platforms of Binance and other crypto firms to prevent market manipulation and illicit fund movements. This action reflects the government's commitment to safeguarding the economy from destabilizing activities.
Despite the challenges, the EFCC remains focused on protecting the naira and stimulating the economy. The agency's efforts have helped stabilize the forex market and maintain the value of the naira. However, the EFCC chairman emphasized the need for continued support from Nigerians, stating that the agency's success is crucial for the country's well-being.
In addition to addressing financial crimes, the EFCC is also targeting illegal mining activities. The agency recently intercepted 40 trucks loaded with illegally mined lithium and vowed to prosecute those involved. The EFCC is determined to uphold the rule of law and ensure that individuals who engage in economic crimes are brought to justice.
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