Oct. 29, 2021

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa has again warned on the dangers of illicit financial flows to the Nigerian economy.

He raised the alarm while speaking as a panelist at a roundtable dialogue organised by the National Institute of Legislative and Democratic Studies (NILDS), with the theme, Depreciating Value of Naira and the Nigerian Economy.

According to the EFCC boss, who was represented by the Director of Operations, Abdulkarim Chukkol, the nation has over the years lost enormous resources to illicit financial flows.

He however, noted that the Commission has initiated measures to check the trend, while listing the measures to include working with banks to enforce compliance with anti-money laundering regulations, the creation of foreign exchange malpractice fraud sections in the Commission as well as joint operation at the airports in the collaboration with the Nigeria Immigration Service and the Nigeria Customs Service among others.

Bawa further implored everyone, especially banks to join the fight against illicit financial flow by creating a system to authenticate genuine travelers and others entitled to forex allocations, to save the Naira from further depreciation

The event featured participants from the Central Bank of Nigeria, CBN, Bureau De Change Operators, BDCs, Students and other stakeholders in the financial sector.