On Tuesday, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, revealed that the Commission has uncovered a more alarming scheme compared to the crypto trading platform, Binance, and its operations.
Olukoyede stated that the EFCC has taken action by freezing approximately 300 accounts to safeguard the stability of the foreign exchange market.
This scheme, commonly referred to as the “P to P” (peer-to-peer) financial trading scheme, operates outside the established banking and financial channels, posing a significant threat that could further destabilize the value of the Naira, which has been steadily increasing.
Olukoyede emphasized, “There are individuals in this country engaged in activities even more detrimental than Binance.” He further disclosed that one of the platforms processed over $15 billion within the past year, bypassing financial regulations and operating outside the purview of official oversight.