From Taiye Joseph, Ilorin
The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), has intensified its collaboration with key government institutions in Kwara State as part of efforts to tackle the growing use of foreign currencies in local transactions and curb illegal mining activities involving both Nigerians and foreign nationals.
Zonal Director of the commission, Victoria Ugo-Ali, disclosed this on recently during separate courtesy visits to the Central Bank of Nigeria and the Nigerian Immigration Service in Ilorin.
At the Central Bank of Nigeria branch office, Ugo-Ali said the engagement was aimed at strengthening cooperation between the EFCC and institutions whose responsibilities intersect with the commission’s mandate of combating economic and financial crimes.
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She explained that the EFCC leadership under its Chairman, Ola Olukoyede, is committed to addressing the increasing trend of dollarization in the country’s economy, warning that the practice poses serious risks to Nigeria’s financial stability.
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 noted that many financial crimes are often perpetrated through financial institutions and stressed the need for prompt intelligence sharing to support investigations.
She added that closer collaboration with the apex bank would enhance the EFCC’s capacity to track suspicious transactions and tackle offences such as money laundering.
The EFCC director also warned that the widespread use of foreign currencies for local transactions weakens the naira and erodes public confidence in Nigeria’s legal tender.
Responding, the Branch Controller of the CBN in Ilorin, Monga Muhammed, commended the EFCC delegation for the visit and assured the commission of continued partnership.
He described the meeting as the first formal engagement between the Ilorin branch of the apex bank and the EFCC zonal command, expressing optimism that it would strengthen 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,” Muhammed said.
He further revealed that the CBN has already introduced several measures to tackle abuse of the naira and the growing use of foreign currencies in the country.
According to him, the bank possesses the capability to monitor currency circulation and would apply necessary sanctions against individuals or organisations found engaging in illegal currency trading.
Ugo-Ali later visited the Kwara State Command of the Nigerian Immigration Service where she highlighted the importance of stronger cooperation in addressing illegal mining activities, especially those involving foreign nationals.
She noted that illegal excavation of Nigeria’s mineral resources has become a growing concern, stressing that effective border monitoring and intelligence sharing are critical in tackling the problem.
The EFCC director said collaboration with immigration authorities would help in tracking and profiling foreign nationals suspected to be involved in illegal mining and related financial crimes.
In his remarks, the Comptroller of the Nigerian Immigration Service in Kwara State, Hossein Ayuba Muhammed, assured the EFCC of the command’s readiness to support the commission’s operations.
He pledged that the service would continue to work closely with the EFCC, particularly in monitoring and profiling foreigners suspected of engaging in illegal economic activities across the state.
