EFCC goes after firms that issue invoices in dollars

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As part of the effort to tackle the forex crisis in Nigeria, the Economic and Financial Crimes Commission (EFCC) has raised a 7,000-man special task force across its 14 zonal commands to go after dollar racketeers.

  • EFCC said proprietors of private schools and universities that charge in dollars have been summoned.
  • Some dollar racketeers in Lagos, Kaduna and Port Harcourt have already been arrested.
  • EFCC said the task force was raised to protect the economy from abuses and leakages.

In a statement on Wednesday, February 7, 2024, the anti-graft agency, announced that proprietors of private schools and universities that charge in dollars have been summoned.

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The agency said many racketeers in Lagos, Kaduna and Port Harcourt have been arrested.

The naira has been on a free fall recently, with the currency falling from about ₦900/dollar to over ₦1,400/dollar at the official market.

On Wednesday, the naira exchanged for ₦1, 490/$ at the parallel market and ₦1, 418/$ in banks.

In its statement, the EFCC said the task force was raised to protect the economy from abuses and leakages.

The statement reads in part, “The EFCC has raised a special task force in all its zonal commands for the enforcement of extant laws against currency mutilation and dollarization of the economy.

“The taskforce, inaugurated by the Executive Chairman of the commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption

“Already, the commission has made some arrests of perpetrators of issuance of invoices in dollars and mutilation of the naira in Lagos and Port Harcourt.

Also, proprietors of private universities and other institutions of higher learning charging fees in dollars have been invited by the Commission.

The dollarisation of the Nigerian economy contravenes the CBN Act which stipulates that the currency notes issued by the apex bank “shall be the legal tender for the payment of any amount in Nigeria.”

The Act also states that any person who violates the law “shall be the legal tender for the payment of any amount in Nigeria.”

Source

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