The Economic and Financial Crimes Commission (EFCC) has launched a major investigation into the illicit movement of over ₦48 billion from Nigeria to foreign accounts in Dubai, United Arab Emirates and Hong Kong, in what authorities are describing as a series of suspicious financial transactions involving both individuals and corporate entities.
The Commission revealed that the funds were transferred through a network of shell companies, fictitious business transactions, and cryptocurrency platforms over a period of months. Preliminary findings suggest these transactions may be linked to money laundering, tax evasion, and possible terrorist financing.
According to EFCC Chairman, Mr. Ola Olukoyede, “This operation is one of the most significant financial crime investigations in Nigeria’s recent history. The size, speed, and sophistication of these transfers point to an organized scheme designed to bypass regulatory scrutiny and move funds offshore undetected.”
This revelation comes as the Nigerian government intensifies efforts to clamp down on illicit financial flows and recover stolen assets. The EFCC has reiterated its commitment to transparency, accountability, and the rule of law in fighting economic crimes.