The Economic and Financial Crimes Commission (EFCC) has reportedly frozen over 300 bank accounts suspected to be involved in suspicious foreign exchange (forex) transactions.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, made a startling revelation on Tuesday, disclosing the discovery of a concerning financial scheme operating outside official banking channels.
As reported by the Guardian, Olukoyede stated that the scheme, known as the “P to P” peer-to-peer financial trading scheme, poses a significant threat to the stability of the foreign exchange market.
Speaking at a press briefing, Olukoyede highlighted the gravity of the situation, emphasizing that the EFCC has taken proactive measures to address the issue.
He revealed that approximately 300 accounts associated with the scheme have been frozen by the EFCC to safeguard the integrity of the foreign exchange market and prevent further damage to the value of the Naira.
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