Bawa: Our Intervention in Forex Market Has Upped Naira Value

•EFCC laments cost of investigation, prosecution of high level cases

Kingsley Nwezeh in Abuja

The Chairman of the Economic and Financial Crimes Commission (EFCC), Bawa Abdulrasheed, yesterday, said although unsung, the intervention of the anti-graft agency in the forex market has helped to increase the value of naira against the dollar.

Bawa, who spoke at a workshop on “Economic and Financial Crimes Reporting for Journalists” organised by the Public Affairs Department of the Commission at the agency’s headquarters in Jabi, Abuja, also announced that the commission had secured 2,210 as at August 5, 2022.

At the same time, the Commission has lamented the high cost of investigation and prosecution of cases, which it said ran into millions of naira.

However, speaking on their intervention in the forex market, Bawa said, “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.

“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,” he said.

On the cases so far secured, he said, “You will recall that at the end of 2021, the Commission announced that it recorded a total of 2,220 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.”

On his part, Head of the Legal and Prosecution Department, DCE Sylvanus Tahir, who spoke on the high cost of investigation and prosecution of cases, said the Commission encountered a lot of challenges following the prevailing situation in the country.

According to him, “Investigation and prosecution of economic and financial crimes are indeed costly. This is informed by the nature and character of these crimes many of which are perpetrated by ingenious methods, which are ever-changing. Again, because of the delays associated with the trials, prosecution expenses are ever-increasing.

“Presently, it costs several millions of naira to prosecute high profile cases. We have over 1000 cases in court and over 3,000 cases at various stages of investigation. The Commission will, therefore, require reasonable resources to fight these crimes.”