EFCC Uncovers Huge Foreign Currencies in Lagos Market

Operatives of the Economic and Financial Crimes Commission, EFCC has intercepted huge sums of money in various currencies at the popular Balogun market in Lagos following a tip from a whistle blower on Monday.


It was discovered that the monies include €547,730 and £21,090 as well as N5,648,500 with a total haul of about N250m at the prevailing exchange rate at the parallel market.


According to the EFCC Spokesperson, Wilson Uwujaren; “The intercept followed information that about N250 million cash was being moved somewhere in the market for conversion into foreign currencies by unnamed persons. Operatives responded timely, met the money in Bureau de Change office, but a large chunk of it had been converted into Euro and Pounds sterling”.


He further noted that the BDC operators found in possession of the monies claimed they were acting on behalf of their boss who sent the money to them from one of the Northern states in Nigeria.


Uwujaren disclosed however that two persons apprehended in the course of the raid are helping the Commission in its investigation.

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