By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: EFCC Secures 50 Convictions in Naira Racketeering, Dollarization Cases
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | EFCC Secures 50 Convictions in Naira Racketeering, Dollarization Cases

Metro

EFCC Secures 50 Convictions in Naira Racketeering, Dollarization Cases

Olaitan Sodiq
Olaitan Sodiq
Published: May 29, 2025
Last updated: May 29, 2025
3 Min Read
Share
EFCC to Probe Kwankwanso, Fayose, Odili, Sylva, 9 Other Ex-Govs For N853.8bn Fraud
SHARE

•Over ₦200 billion recovered, 3,000 convictions recorded in EFCC’s latest anti-corruption efforts

 

The Economic and Financial Crimes Commission (EFCC) has announced significant progress in its crackdown on currency racketeering and the dollarization of Nigeria’s economy, securing more than 50 convictions in 2024 alone.

EFCC Chairman, Ola Olukoyede, revealed this during a press conference in Abuja on Monday, marking a key moment in the commission’s ongoing fight against economic sabotage.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

Olukoyede emphasized that these crimes, including the manipulation of the naira and the increasing use of foreign currencies in local transactions, are a serious threat to the nation’s economic stability.

“There is no country in the world that doesn’t regard its currency as a legal tender,” he said. “We must respect the naira, and our Special Task Force is working tirelessly to restore order to how our national currency is handled.”

The EFCC’s efforts have led to a substantial recovery of illicit funds, with over ₦200 billion and numerous assets, including real estate, recovered across Nigeria.

In addition to these recoveries, the commission has also secured close to 3,500 convictions in the past year, underscoring its commitment to tackling financial crimes at all levels.

A recent high-profile case involved Ibrahim Mohammad, a man from Niger, whose wedding in Kano featured widespread misuse of naira notes.

The viral video showing the throwing of naira notes at the ceremony sparked outrage, prompting the EFCC to launch an investigation into the incident.

READ ALSO: EFCC Urges Nigerian Youths to Shun Cybercrime, Promote Nation-Building

Olukoyede also took the opportunity to address the commission’s ongoing work in investigating cybercrime, despite some criticisms.

He defended the EFCC’s approach, pointing out that cybercrime is a major source of financial damage, with losses exceeding $500 million in the past year. “No crime is too small to investigate, and no one is too big to face the law,” he stressed.

Olukoyede reassured the public of the commission’s continued commitment to transparency and ethical standards in its operations.

 

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:EFCCTop Stories
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

Police Finally Uncover True Cause of Diogo Jota’s Fatal Crash | Daily Report Nigeria
Police Finally Uncover True Cause of Diogo Jota’s Fatal Crash
Sports
WARRI DELINEATION: Ogbe-Ijoh Demands More Wards, Threatens Shutdown of Oil Facilities
WARRI DELINEATION: Ogbe-Ijoh Demands More Wards, Threatens Shutdown of Oil Facilities
News
“If God Has Destined It, I’ll Marry Again” — Bukky Wright | Daily Report Nigeria
“If God Has Destined It, I’ll Marry Again” — Bukky Wright
Entertainment
Jack Dorsey Unveils Offline Messaging App, Bitchat | Daily Report Nigeria
Jack Dorsey Unveils Offline Messaging App, Bitchat
News
Champions League First Round Qualifiers Begin with 53 Teams in Action | Daily Report Nigeria
Champions League First Round Qualifiers Begin with 53 Teams in Action
Sports

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

Appeal Court Affirms Biodun Oyebanji as Ekiti Governor | Daily Report Nigeria
Politics

Appeal Court Affirms Biodun Oyebanji as Ekiti Governor

June 13, 2025
IGP Sacks Officers Who Ran Over Cuffed Man in Edo State | Daily Report Nigeria
Metro

IGP Sacks Officers Who Ran Over Cuffed Man in Edo State

March 11, 2025
Forcados Terminal: 'We're Sitting on a Keg of Gunpowder,' General Rawlings Tells SPDC, Others | Daily Report Nigeria
News

Forcados Terminal: ‘We’re Sitting on a Keg of Gunpowder,’ General Rawlings Tells SPDC, Others

June 14, 2025
First Black Woman to Lead a National Party in Canada Emerges | Daily Report Nigeria
News

First Black Woman to Lead a National Party in Canada Emerges

June 14, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?