The Economic and Financial Crimes Commission (EFCC) said it has convicted over 50 persons for currency racketeering and dollarisation of the Nigerian economy in 2024 alone.

The EFCC’s Chairman, Ola Olukoyede revealed this in Abuja on Monday, while the Senate Committee Chairman on Anti-Corruption and Financial Crimes, Senator Emmanuel Udendeon was on an oversight and pre-budget presentation visit with other members of the Committee to the corporate headquarters of the EFCC.

Olukoyede described currency racketeering and dollarisation as an act of economic sabotage.

He said, “I would also like you to know that part of the economic sabotage is in the area of currency racketeering and mutilation and the dollarization of our economy. There is no country in the world that doesn’t regard its currency as a legal tender.

“We must respect the Naira. As I am talking to you now, our Special Task Force is all over the place and we have brought some sanity in the handling of the national currency. People are still committing the crime, I am aware of that. This year alone, we have procured over 50 convictions on it.”

This is as the commission said it has summoned a Nigerien national, Ibrahim Mohammad, his family, and other guests, over alleged naira abuse at his wedding to Amina Babagana Zannah, in Kano.

The invitation follows a viral video depicting individuals spraying naira notes at the event, drawing public attention and backlash as part of the agency’s ongoing campaign against currency abuse.

Worthy of note is also the ongoing ordeal of popular cross-dresser, Idris Okuneye popularly known as Bobrisky, who is being prosecuted for naira abuse and other offences.

Speaking further, Olukoyede said ensuring that the commission runs on the wheels of ethics and staff integrity, the EFCC would continue to be transparent in its operations.

“I take the issue of ethics very seriously and I have had cause to dismiss a number of workers on account of it, even as recently as two weeks ago.

Upon my assumption of office in the EFCC, I declared my assets and encouraged all others to do the same”.

Speaking on the records of achievements, he said “I am sure you must read the record of our modest achievements in the last year, particularly in the area of recovery. If you are fighting financial crimes, and you don’t make asset tracking and recovery one of the key issues that you have to embark on with all seriousness, you may not be able to go far.

“I say this because when the perpetrators of these crimes still have access to the proceeds of the crime, they can go to any extent to fight you.

“We are happy to report to you that in the last year, we have done close to N250 billion and several tens of millions of dollars and also quite a number of real estate across the country in asset recovery.

“Within the last year, we have secured close to 3,500 convictions. Some of these convictions are high profile, not minding what some people are saying. When you approve the annual report that we have sent to you, then we can publish it on our website”

Reacting to criticisms of the Commission in some quarters for devoting time to fight cybercrime, the EFCC boss declared that he can’t take his eyes off cybercrime because it constitutes economic sabotage and inflicts reputational damage on the country.

“You are also aware that upon my assumption of office, I identified economic sabotage as a major problem. There is no financial crime that is too small to investigate and prosecute and no one is too big.

“If you refuse to do the small one today, tomorrow they will become big. So, people should stop criticising us for investigating and prosecuting cybercrime.

“Some of these criticisms are coming from legal minds, people who should know better. A crime that has made us lose over $ 500 million in one year and somebody said we shouldn’t do it? You present your Green Passport on a global arena and they mark you out for profiling.”