Abuse of Naira By VIPs Outside Our Scope’ EFCC

BY GBOGBOWA GBOWA
Nigeria’s Economic and Financial Crimes Commission7 (EFCC) has expressed its inability to investigate and prosecute the abuse of the naira by the Governor of Niger State, Mohammed Bago and other high profile offenders because of the scope of the time reference, noting it can only act on cases that falls within its time of reference and not before.
The anti-graft agency has come under public scrutiny for allegedly picking on the vulnerable bracket while ignoring high profile offenders in the commission’s purported effort to rid the currency of abuses, which includes indiscriminate spraying of the naira notes.
It will be recalled that the commission recently jailed a controversial cross dresser, Bobrisky, in addition to a popular rising singer in Lagos. The EFCC action has created a division in the polity with some supporting its action, and others against; a development that has led to the uploading of video footages of abuses of the naira by the wealthy elites who appears untouchable; and makes mockery of the ‘sanitising’ exercise.
Reacting to public’s dissatisfaction, the EFCC in a statement yesterday signed by Head, Media & Publicity, Dele Oyewale, urged Nigerians to understand its limitations, assuring that it is committed to a holistic cleanup of the abuse, noting that the exercise not be a respecter of anybody.
It’s statement reads:“On the issue of the works of the Commission against Naira abuse,  dollarization of the economy and the enforcement of all extant laws relating to them, the EFCC appreciates the avalanche of public awakening, support  and involvement demonstrated  so far.  Increasingly, members of the public are drawing the attention of the Commission to video recording of abuse of the Naira by Nigerians from all walks of life. These gestures amply demonstrate rising consciousness of the public to the sanctity of our national currency and the need for collaborative engagement to sustain the tempo.
“To this end, the Commission will always investigate and prosecute anyone involved in the abuse of the Naira. Old videos being exhumed and flying around for the attention of the Commission are noted as the Commission is sensitive to the fact that its Special Task Force against Naira Abuse and Dollarization of the economy commenced operations on February 7,  2024. However, going forward, new videos of such infractions will be investigated and prosecuted.
“At the moment, the Commission is investigating several celebrities involved in Naira abuse. Many of them have made useful statements to the Commission and many more have been invited by investigators working on the matter. The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.”
Meanwhile, the Commission has clarified that the managing directors of some commercial banks, including Zenith, Providus and Jaiz CEOs are being probed in respect of large scale fraud linked to the Ministry of Humanitarian Affairs.
Media head of the anti-graft agency said explained that banks managing directors of indicted banks involved in the alleged financial misappropriation in the Ministry of Humanitarian Affairs, Disaster Management and Social Development have made useful statements to investigators digging into the infractions.
This is even as Oyewale explained that discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, and Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate.
“The Economic and Financial Crimes Commission, EFCC, has noticed the rising tide of commentaries, opinions, assumptions and insinuations concerning its progressive investigations into the alleged financial misappropriation in the Ministry of Humanitarian Affairs, Disaster Management and Social Development.
“At the outset of investigations, past and suspended officials of the Humanitarian Ministry were invited by the Commission and investigations into the alleged fraud involving them have yielded the recovery of N32.7billion and $445,000 so far.
“Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate. Investigations have also linked several interdicted and suspended officials of the Ministry to the alleged financial malfeasance.

“It is instructive to stress that the Commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices.  Banks involved in the alleged fraud are being investigated. Managing Directors of the indicted banks have made useful statements to investigators digging into the infractions. Those found wanting will be prosecuted accordingly.  Additionally, the EFCC has not cleared anyone allegedly involved in the fraud. Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary.”
Recall that the Managing Director of Zenith Bank, Dr. Ebenezer Onyeagwu in January denied being arrested by the commission