The Ilorin Zonal Director of the Economic and Financial Crimes Commission (EFCC), Victoria Ugo-Ali, has paid courtesy visits to the Branch Controller of the Central Bank of Nigeria (CBN), Ilorin Branch, Monga Muhammed, and the Comptroller of the Nigerian Immigration Service (NIS), Kwara State Command, Hossein Ayuba Muhammed.
The visits were part of the Commission’s efforts to strengthen inter-agency collaboration in tackling the dollarization of the Nigerian economy and the illegal excavation of the country’s mineral resources by both local and foreign nationals.
Speaking during her visit to the CBN branch in Ilorin, Kwara State, Ugo-Ali said the visit was aimed at reinforcing the Commission’s strategic partnership with key institutions whose mandates intersect with the EFCC’s anti-corruption and economic crime enforcement responsibilities.
She emphasised the need for stronger collaboration between the EFCC and the apex bank in addressing the growing trend of dollarization in the Nigerian economy.
According to her, “the Chairman of the EFCC, Ola Olukoyede, is determined to curb the increasing preference for foreign currencies in domestic transactions” describing the practice as a “serious threat to the stability of the nation’s financial system.”
Ugo-Ali further noted that “many economic and financial crimes are perpetrated through financial institutions,” stressing the importance of timely intelligence and reports on suspicious transactions.
She called on the apex bank to continue to provide the Commission with relevant financial intelligence that would aid investigations and help curb money laundering and other financial crimes.
She also reiterated that the growing preference for foreign currencies in local transactions undermines the value of the naira and weakens public confidence in the national currency.
In his response, the CBN Branch Controller, Muhammed commended the Zonal Director and the management team of the EFCC for the visit. He promised to sustain and deepen the already cordial relationship between the two organisations.
He described the engagement as the first of its kind and expressed optimism that it would further strengthen the cooperation between both institutions.
“At our end here, we will continue to partner with you because we carry out complementary functions. While your duty is to tackle economic and financial crimes, our responsibility primarily as the apex bank is to stabilise the economy and regulate financial institutions. We will not fail in that regard,” he said.
Naira Abuse
The CBN Branch Controller further disclosed that the apex bank had put several measures in place to address naira abuse and the dollarization of the economy.
According to him, the CBN has the capacity to track currency in circulation and would not hesitate to apply appropriate sanctions against individuals or organisations found trading illegally in the nation’s currency.
At the Kwara State Command of the Nigerian Immigration Service, Ugo-Ali highlighted the critical role of the NIS in combating illegal mining activities, particularly those involving foreign nationals who exploit the country’s mineral resources in violation of Nigerian laws.
She stressed that effective border control, monitoring of foreign nationals, and intelligence sharing are essential in addressing the growing menace of illegal mining and the financial crimes associated with it.
The NIS Comptroller, Muhammed, pledged the Command’s full support for the EFCC and assured that the Service would continue to collaborate with the Commission in tracking and profiling suspicious foreign nationals involved in illegal economic activities.