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EFCC recovers N250m cash from Lagos market

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Part of the cash recovered by the Economic And Financial Crime Commission (EFCC) from two bureau de change operators at the Balogun market in Lagos. PHOTO: FACEBOOK/EFCC

Less than 48 hours it recovered about N448 million from an abandoned bureau de change in Lagos, the Economic and Financial Crime Commission (EFCC) on Monday said it has recovered a sum of N250 million cash at the popular Balogun market in Lagos.

The Commission in a statement said it was tipped off about the existence of the cash, which was in different currencies

“A tip from a whistle blower today led operatives of the Economic and Financial Crimes Commission, EFCC, to intercept huge sums of money in various currencies at the popular Balogun market in Lagos,” EFCC stated.

“The monies include €547,730 and £21,090 as well as N5,648,500. The total haul is about N250 million at the prevailing exchange rate on the parallel market.

“The intercept followed information that about N250 million cash was being moved somewhere in the market for conversion into foreign currencies by unnamed persons. Operatives responded timely, met the money in Bureau de Change office, but a large chunk of it had been converted into Euro and Pound sterling.”

The Commission said the BDC operators found in possession of the monies claimed they were acting on behalf of their boss who sent the money to them from one of the Northern states in Nigeria.

It also stated the two persons apprehended in the course of the raid were already helping with the investigation.


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1 Comment
  • real

    This is the reason why we need to completely reduce the number of BDC to at 200 across the country. who is the boss that sent this large sum of money to be changed into foreign currency? why hasn’t the person name being released? we continue to hear about this large sum of money recovered, yet we don’t know who it was recovered from. This is why we can’t make a dent on corruption, because we are not really enforcing and punishing those that are corrupt.