“There are people in this country doing worse than Binance” — EFCC  

The Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed the discovery of a new financial scheme posing a significant threat to the country’s economy.

Olukoyede revealed that the EFCC has uncovered a peer-to-peer financial trading scheme, referred to as the “P to P” scheme, which operates outside conventional banking and financial channels.

Speaking on Tuesday, Olukoyede highlighted the severity of the situation, comparing it to the risks associated with crypto trading platforms like Binance.

“There are people in this country doing worse than Binance,”  he explains.

He emphasized the need for regulatory intervention to safeguard the stability of the foreign exchange market and prevent potential harm to the Nigerian Naira’s value.

According to Olukoyede, the EFCC has taken proactive measures by freezing approximately 300 accounts linked to the illicit scheme. He underscored the magnitude of the operation, citing transactions exceeding $15 billion within a year, conducted outside the purview of financial regulations.

The revelation comes amid growing concerns about the proliferation of unregulated financial activities in Nigeria, posing challenges to monetary policy and financial stability.