Home / Featured / EFCC recovers €547,730 in Lagos market

EFCC recovers €547,730 in Lagos market

Economic and Financial Crimes (EFCC), following a tip off from a whistle blower intercepted huge sums of money in different currencies at the Balogun market in Lagos, the second large cache of funds in a week.

The EFCC recovered another N500 million loaded in several Ghana-Must-Go bags in another location in Lagos.

EFCC Head Media and Publicity, Mr. Wilson Uwujaren, confirmed the finding stressing that the monies included “€547,730 and £21,090 as well as N5,648,500. The total haul is about N250million at the prevailing exchange rate at the parallel market”.

Speaking on the findings, Uwujaren said “The intercept followed information that about N250 million cash was being moved somewhere in the market for conversion into foreign currencies by unnamed persons. Operatives responded timely, met the money in Bureau de Change office, but a large chunk of it had been converted into Euro and Pounds sterling”.

“The BDC operators found in possession of the monies claimed they were acting on behalf of their boss who sent the money to them from one of the Northern states in Nigeria. Two persons apprehended in the course of the raid are helping the Commission in its investigation,” he said.


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