EFCC cracks down on firms that issue invoices in dollars

The Economic and Financial Crimes Commission (EFCC) has constituted a special task force in all its zonal commands across the country for the enforcement of extant laws against dollar speculators, hoarders, racketeers and firms issuing invoices in foreign currency.

The anti-graft agency said it had raised 14 special task forces to fish out culprits.

The commission said in a statement on Wednesday, February 7, 2024, that owners of private colleges and universities that take tuition in dollars had been called to account. Continue Reading…

Many racketeers in Lagos, Kaduna, and Port Harcourt have been reportedly caught, according to the agency.

The value of the naira has been nosediving recently; at the official market, it has gone from roughly ₦900/dollar to over ₦1,400/dollar.

On Wednesday, the naira exchanged for ₦1, 490/$ at the parallel market and ₦1, 418/$ in banks.

In its statement, the EFCC said the task force was raised to protect the economy from abuses and leakages.

Part of the statement reads, “The EFCC has raised a special task force in all its zonal commands for the enforcement of extant laws against currency mutilation and dollarization of the economy.

“The taskforce, inaugurated by the Executive Chairman of the commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption

“Already, the commission has made some arrests of perpetrators of issuance of invoices in dollars and mutilation of the naira in Lagos and Port Harcourt.

“Also, proprietors of private universities and other institutions of higher learning charging fees in dollars have been invited by the Commission.” Continue Reading…