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EFCC raid on BDC operators responsible for naira rise against dollar – Bawa

By Sodiq Omolaoye, Abuja
17 August 2022   |   4:54 pm
Economic and Financial Crimes Commission (EFCC) has said its recent raid of the Bureau De Change hub in Abuja was largely responsible for the Naira appreciating significantly against the dollar in the Parallel market.

EFCC Chairman, Abdulrasheed Bawa

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Economic and Financial Crimes Commission (EFCC) has said its recent raid of the Bureau De Change hub in Abuja was largely responsible for the Naira appreciating significantly against the dollar in the Parallel market.

Chairman, EFCC, Abdulrasheed Bawa, stated this on Wednesday at a workshop on “effective reporting of economic and financial crimes” organised for journalists covering the commission in Abuja.

Operatives of the anti-graft agency had in July raided Wuse Zone 4, Federal Capital Territory, Abuja, over allegations that some Bureaux De Change (BDC) operators were mopping up foreign currencies, making the naira to fall against the dollar.

Justifying the raid, the commission said it received intelligence that some forces with massive naira inflow have mobilised resources and are busy buying up available foreign currencies, especially US dollar, to either hoard or smuggle the same out of Nigeria.

Bawa, speaking at the workshop on Wednesday, noted that one achievement that most Nigerians may not easily recognise is the impact which EFCC’s intervention in the Forex market has had on the value of the Naira.

“From well over N710 to the Dollar, following the Commission’s intervention, the Naira has appreciated significantly against the Dollar in the Parallel market, and we are not relenting in our efforts to check harmful speculative activities in the sector”, he said.

The EFCC boss also blamed systemic limitations for the delay in the determination of high-profile corruption cases in court.

According to him, the war against corruption is a worthy fight for the soul of Nigeria, and for the future generation, adding that it should not be left to the EFCC alone.

“Nevertheless, there are issues in the media profiling of the Commission that are less than desirable. The notion, for instance, that the Commission is draconian in its approach to fighting cybercrime is perhaps borne out of a poor understanding of its modus operandi”, Bawa stated.

He urged the media to be circumspect in their reportage of corruption cases as it shapes the global perception of Nigeria and its institutions.

He said: “It logically follows that this sacred duty is one that must be discharged with a lot of responsibility and, of course, patriotism Some of you will recall that at the end of 2021, the Commission announced that it recorded a total of 2220 convictions. I am pleased to inform you that we are poised to improve on that figure as the record of convictions as of August 5, 2022, was 2210.”

Head, the legal and prosecution department of the EFCC, Sylvanus Tahir in his presentation on “Challenges of Prosecuting Economic and Financial Crimes in Nigeria” said the anti-graft agencies are frustrated in several fronts, sometimes from some quarters where maximum support is expected from.

Tahir who disclosed that the commission has over 1000 cases in court and over 3000 cases at various stages of the investigation, added that prosecution expenses continue to increase due to delays associated with trials.

He stressed the need to amend the Evidence Act and Administration of Criminal Justice act to accommodate the technological advancement and challenges of contemporary times.

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