Ola Olukoyede
Top Story

EFCC to clampdown on schools, hotels, supermarkets, others dollarizing transactions

“We have also started securing convictions. Schools that charge Nigerians in dollars, supermarkets that trade in dollars, estate developers that sell their property in dollars, and hotels that are invoicing in dollars—we are coming after you, and we have made arrests in that area"

924

….vows to put in jail anyone found to be dollarizing the economy

Mr. Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has warned schools, supermarkets, hotels, and other establishments not to bill customers in dollars or any other foreign currency. In the most recent EFCC Alert, the commission’s monthly e-magazine, Olukoyede vowed to put in jail anyone discovered to be dollarizing the economy.

The EFCC head issued the warning, threatening to prosecute anyone who receives payment in dollars for products or services under applicable Nigerian laws. Olukayode, a lawyer, promised that the commission would target businesses that accept dollars rather than naira, including supermarkets, hotels, real estate developers, schools, and supermarkets.

“We have also started securing convictions. Schools that charge Nigerians in dollars, supermarkets that trade in dollars, estate developers that sell their property in dollars, and hotels that are invoicing in dollars—we are coming after you, and we have made arrests in that area. “Yes, if foreigners are coming in and the only means of transacting is their credit card and dollar, why not? You will get that. “But document it properly as against selling things within the system and local economy, and you will be using the dollar as the medium of exchange; it is illegal. “Our law does not allow for that, and we have also effected some arrests,” Olukayode said.

According to the EFCC boss, this is making an impact as the rate at which some people advertise goods and services in dollars has really gone down. “We are not going to relent. We are going to continue until we eradicate the mutilation of currency and illegal dealing in forex.

Another area is the area of illegal forex trading. “Coupled with the activities of the CBN, we are trying to ensure that those involved in currency trading are properly licenced, regulated, and do their documentation properly,” he stressed.

While explaining the efforts to ensure the success of the anti-graft war under his leadership, Olukoyede condemned some Nigerians who continued to celebrate criminals in the country, stressing that such practice was anti-societal. “I wondered why some Nigerians should be closing their eyes to the atrocities being committed against the nation by those being investigated for financial crimes but trying to attack the commission for doing its job.

“The moment EFCC starts investigating someone, those who have benefited from him one way or another will close their eyes to what they have been deprived of by reason of that financial crime. “They then concentrate on attacking the agency. They use media propaganda and even sometimes physical attack, yet we are working for Nigerians. “We are working to preserve integrity in the way we do things, and so we need the support of Nigerians,” he said.

According to him, people are given money to procure arms, but they won’t do it, exposing those at the warfront to all kinds of danger and peril. “It is important for us to come together as a people. Outsiders are not going to clean up Nigeria for us. We are here. Someone like me only have one passport, the green passport. “Corruption is so damaging, and that is why we are where we are today. “Go to other African countries, small countries across the globe, you will see development, you’ll see good roads, and you’ll see quality health facilities. “Even the issue of insecurity that we are talking about, one way or the other, can be linked to corruption. “I keep telling people that there is nothing wrong with us fundamentally as Nigerians, but the system we run and the processes that we follow are the things that are causing problems for us,” he said.

According to him, there are bad guys all over the world, but over there, their system is strong enough to checkmate them and ensure that there are consequences for wrongdoing. “So, we need to come together and say wrong is wrong, irrespective of whether we are related to the person or not. That is when I’ll believe that we are ready to fight corruption,” he said. The chairman reiterated his call on the need to establish a special court to try corruption, given the negative effect of corruption on development in the country. “If we agree that corruption has contributed greatly to underdevelopment, then we must adopt extraordinary means to fight it. “I have always been an advocate for the creation of special courts, and I will continue to be. “I believe that the time has come for this, and I also appeal to members of the National Assembly to help us facilitate this. “This will be a great boost to the corruption fight in Nigeria. We have laws and regulations guiding our investigations,” the anti-graft agency boss said.

Leave a comment

Related Articles

Breaking: Kano Assembly repeals Emirates Council Law

After scaling its third reading, the Kano State House of Assembly passed...

Democracy: Pres.Tinubu advocates bolstering Africa’s regional economic communities

Daniel Okejeme In a bid to promote commerce and integration, advance democracy...

Just in: Tinubu appoints Shehu Mohammed as FRSC Corps Marshal 

Daniel Okejeme President Bola Tinubu has appointed Mr. Shehu Mohammed as the...

Israel-Gaza war: US threatens ICC over move to arrest Israeli PM Netanyahu

Following the International Criminal Court’s prosecutor’s request for arrest warrants for Israeli...

Again, CBN raises Monetary Policy Rate to 26.5%

The Central Bank of Nigeria (CBN) has again increased the Monetary Policy...

Breaking: Tragedy as Iran’s President Raisi, 8 others die in helicopter crash

All nine people on board of Iranian President Ebrahim Raisi’s helicopter which...

Breaking: Helicopter carrying Iran’s president crashes

A helicopter carrying Iranian President, 63-year-old Ebrahim Raisi, has reportedly suffered a...

FG appoints ex-Govs. Yuguda, Elechi, Shinkafi, Ngilari, APC’s lawyer, Olanipekun, others Chairmen of varsities’ governing councils

The Federal Government has announced the names of the Pro-Chancellors, Chairmen, and...

Fake News: No fire outbreak from our tank farm in Lagos—NNPC Ltd.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has debunked a report...

Just in: Court denies Binance executive Tigran Gambaryan bail

A Federal High Court sitting in Abuja has denied the bail application...

No attempt to illegally use pension funds for infrastructure development – FG

Minister of Finance Wale Edun has refuted claims that the Federal Government...

FG opens student loan application portal May 24

The Federal Government has announced May 24, 2024, as the official date...

Just in: Tinubu, Senegalese President, in closed-door meeting at Aso Rock

President Bola Tinubu is in a closed-door meeting with the new Senegal...

Breaking: Pres. Tinubu inaugurates three milestone gas infrastructure projects in Delta, Imo States

President Bola Tinubu inaugurated three landmark projects on Wednesday, which include the...

Pres.Tinubu set to inaugurate Kwale Gas Processing Plant (GPP-1)

President Bola Tinubu is set to inaugurate the three critical gas infrastructure...

Gov. Fubara opens can of worms, says Wike’s projects debts gargantuan, killing

Rivers Gov. Siminalayi Fubara has opened up on the colossal debts handed...

FG plans performance-based salary scheme for its workforce

A new performance-related pay system for employees in the federal civil service...

Just in: Gov. Fubara to probe predecessor, Wike, inaugurates panel of inquiry

Barring last minute change of plans, Rivers Gov. Siminalayi Fubara, has indicated...

Tinubu at FEC meeting, orders MDAs to procure CNG vehicles

In a bid to harness Nigeria’s gas potential, President Bola Tinubu has...

Tinubu swears in two NPC commissioners

President Bola Tinubu has appointed two more commissioners to the National Population...