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Cryptocurrency Portrays Greater Danger To World Economy, EFCC Raises Alarm

Published

4 years ago

September 7, 2021

Our Reporter, Abuja

Chairman, Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has said growth of cryptocurrencies, such as Bitcon portrays a far greater danger to the world economy.

The EFCC boss stated this while delivering a keynote address on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, ‘Economic Crime-Who pays and who should pay?,’ organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge, United Kingdom.

Describing cryptocurrencies as the new typologies of economic crimes, Bawa said criminals now elect to transact or receive illegal monies such as ransom money in digital currency, noting that Bitcoin and Ethereum were the most commonly used medium of these exchanges.

He therefore, advocated collective and collaborative approach by authorities around the world in dealing with the challenges of financial crimes which, he noted, is a global scourge as no nation is spared its virulence.

According to him, economic crimes which are largely illegal acts committed for private gain, “affect the vital structures of global economies, causing significant damage to the Global Financial System and depriving developing nations of the needed resources for sustainable development”.

He noted that developed countries are not immune from the scourge, which has “magnified with the proliferation of Cyber-crimes which threatens the stability of Global Financial Institutions.”

He commended the choice of the theme which he said offers a platform to interrogate the challenges of economic crimes.

“As the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place,” he said.

He underlined the imperatives of an impartial judiciary in ensuring that “the perpetrators of acts and not the victims pay for their crimes.”

While highlighting some of the transparency and accountability achievements of the Nigerian government under the leadership of President Muhammadu Buhari, including enactment and amendment of relevant laws to enhance public accountability and reforms such as Treasury Single Account and the Whistle Blower Policy among others; Bawa pointed out that the EFCC, as the rallying point in the fight against economic crimes in Nigeria, has recorded important milestones in investigations, prosecutions and assets recovery.

In his words, “Since its establishment in 2003, the Commission has recorded no less tha 3,500 convictions and recovered assets of significant value including properties in Nigeria, the UK, USA, and the UAE. All these have measurably contributed to the national efforts against economic crimes in Nigeria”.

The EFCC boss concluded by challenging participants to come up with practical solutions to curb the international threat of economic crimes.

Chairman of the Symposium, Mr. Saul Froomkin, thanked the EFCC boss for his insightful presentation, and the support received from Nigeria in organizing the event.

Participants at the Symposium were drawn from law enforcement and security agencies, accountability institutions and select stakeholders from across the world.

Related Topics:#World Cambridge Cryptocurrency Economy EFCC

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Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians

Published

2 days ago

December 23, 2025

Editor

Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.

The company disclosed this in a statement on Sunday.

The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.

It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”

Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.

DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.

However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.

Business

Naira Records Significant Appreciation Against US Dollar

Published

2 days ago

December 23, 2025

Editor

The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.

The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.

This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.

Business

CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments

Published

1 week ago

December 16, 2025

Editor

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.

The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.

According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.

“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.

Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.

The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.

Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.

Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.

The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.

The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.

The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.

This means the two financial institutions can no longer operate as licensed financial institutions.