The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, announced on Tuesday that the Commission has uncovered a new financial scheme, worse than the crypto trading platform, Binance.
Olukoyede stated that the EFCC has frozen approximately 300 accounts to safeguard the foreign exchange market.
The scheme, known as the “P to P” (peer-to-peer) financial trading scheme, operates outside the official banking and financial corridors, posing a significant threat to the Naira’s value.
“There are people in this country doing worse than Binance,” Olukoyede remarked.
He revealed that one of the platforms involved in the scheme processed over $15 billion in the last year, bypassing financial regulations.
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