How EFCC prevented Naira from further depreciation against Dollar
By Matthew Denis Abuja
The value of Naira against the dollar has risen to the highest tune of N710 to $1 towards July ending, 2022 which became an outcried among Nigerians bearing the skyrocketed inflation in the purchasing value of goods and services.
This experiences crippling the economy witnessed a swiped drastic intervention to salvage the situation by the anti-corruption agency. This intervention by the anti-corruption agency has made the Naira appreciated thereby closing at N428 per dollar on the official side of the market recently.
Though, the Central Bank of Nigeria had threaten to deal severely any BDC operator that goes against the stipulated rules but there wasn’t respite until the the effective Leadership the Chairman of Economic and Financial Crime Commission (EFCC), Abdulrasheed Bawa came to create headway by taking the ‘bull by the horns.’
The anti-corruption agency swung into action by summoning the Bureau De Change traders in Abuja and Lagos by threatening to clampdown on those found wanting of stockpiling and hoarding forex as authorities activates desperate measures to salvage tumbling economy.
The Chairman of the anti-graft agency issued the caution while meeting with representatives of Bureau De Change operators in Abuja on Friday, early August, 2022.
He noted that the agency had intelligence about Nigerians stockpiling foreign currency which the agency will not leave any stone unturned in dealing mercilessly with saboteurs.
During an interactive session with some selected journalists at a workshop on ‘the Effective Reporting of Economic and Financial Crimes’ last Wednesday, Mr. Bawa revealed that “one achievement which most of you may not easily recognise is the impact which EFCC’s intervention in the Forex market has had on the value of the Naira. From well over N710 to the Dollar, following the Commission’s intervention, the Naira has appreciated significantly against the dollar in the parallel market, and we are not relenting in our efforts to check harmful speculative activities in the sector.”
On the aspect of prosecution so far, he noted, “I cannot end this remarks without updating you on some of our recent activities. Some of you will recall that at the end of 2021, the Commission announced that it recorded a total of 2220 convictions. I am pleased to inform you that we are poised to improve on that figure as the record of convictions as of August 5, 2022 was 2210.
“The war against corruption is a worthy fight for the soul of Nigeria, and for the future generation; it should not be left to the EFCC alone. Without doubt, the media’s ability to inform and sensitize the people on the ills of corruption and economic crime is crucial for us. So far, the media has been helpful. If nothing else, the Commission enjoys a visibility that makes it the reference point for effectiveness in law enforcement in Nigeria.
“This event is therefore one of the interventions by the Commission to improve the capacity of the media to deliver on its constitutional mandate as the Fourth Estate of the Realm.
“As a worthy, dependable and reliable ally, I want to use this opportunity to further urge media practitioners to put the interest of our Country at heart, particularly as it relates to a conscientious effort not to celebrate the corrupt in our midst, but to expose them on the pages of your newspapers, screens of television or our various online platforms.
“Nevertheless, there are issues in the media profiling of the Commission that are less than desirable. The notion, for instance, that the Commission is draconian in its approach to fighting cybercrime is perhaps borne out of poor understanding of its modus operandi. But I am convinced that at the end of this workshop we will all be better educated on the processes and procedures of the EFCC. As watchdog of society, you must be mindful that your reportage is a mirror that shapes global perception of our institutions and nation. It logically follows that this sacred duty is one that must be discharged with a lot of responsibility and, of course, patriotism.
“I urge you to also beam your searchlights on this area as it is in our collective interest to have a national currency whose value is not subject to the whims of crooked speculators.
“Gentlemen of the press, with the carefully selected resource persons, I have no doubt most of us will leave this engagement better equipped to perform our duties as journalists.”
Calls for 1999 constitution amendment
The anti-corruption agency has enlisted some constraints in prosecuting criminals who are found guilty of money laundering and Constituting economic sabotage in the country thereby calling for amendment of the 1999 constitution.
The Head of Legal and Prosecution Department of the agency, DCE Sylvanus Tahir stressed that the 1999 constitution needs to be amended to remove those constraints in the enforcement of economic and Financial crimes.
He emphasised that it must balance the right of the citizens against those of the state and victims.
According to him, some of the challenges are cooperation from those who should furnish relevant information during investigation, non-cooperation of potential prosecution witnesses, incompetence of the counsel, attitude of the trial judge.
“Various lacuna in the Constitution as indicated in sections 35 (2) and 36 (11), inadequacy of existing procedural and evidence laws, congestion of court dockets and slow pace of court proceeding, cost of investigation and prosecution.”
Mr. Tahir appealed to members of the National Assembly to be proactive in amending the laws mentioned above in order to rid the country from economic and Financial crimes.
He equally stressed that there’s need to amend the Evidence Act, the Administration of Criminal Justice Act to accommodate the technological advancement and challenges of the contemporary times.
