Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has revealed that the agency has uncovered a new financial scheme even more concerning than the crypto trading platform Binance.
According to Olukoyede, the EFCC has frozen approximately 300 accounts associated with this new scheme to safeguard the foreign exchange market and protect the value of the Naira.
Speaking to reporters, Olukoyede expressed alarm over the scale and impact of the new peer-to-peer financial trading scheme, commonly known as “P to P.” This scheme has been operating outside the official banking and financial channels, raising serious concerns about its potential to destabilize Nigeria’s financial system.
“There are people in this country doing worse than Binance,” Olukoyede stated, highlighting the gravity of the situation.
He disclosed that over $15 billion has passed through one of the platforms associated with the scheme in the past year alone, all without adhering to financial regulations.
The discovery of this new financial scheme underscores the challenges faced by regulatory agencies in monitoring and combating illicit financial activities.
The EFCC Chairman emphasized the need for increased vigilance and public awareness to prevent unsuspecting individuals from falling victim to such schemes.
He urged Nigerians to be cautious and to conduct their financial transactions through legitimate and regulated channels to avoid becoming entangled in illegal activities.
The revelation about the “P to P” scheme comes at a time when the EFCC is already grappling with the complexities of regulating cryptocurrency platforms like Binance.
While crypto trading has garnered attention for its potential risks and regulatory challenges, the emergence of even more opaque and unregulated financial schemes poses a new set of challenges for law enforcement agencies.
