Posted on: 09:27 Thu, 10 Mar 2016



The Attorney General of the
Federation and Minister of Justice,
Mr. Abubakar Malami, said on
Wednesday that the Economic and
Financial Crimes Commission
would soon embark on a massive
prosecution of suspects found to be
responsible for the instability of the
Naira against foreign currencies.

Malami restated the resolve of the
President Muhammadu Buhari-led
administration to resist the call for
the devaluation of the naira.

On how to deal with the Dollar
crooks, he said: “In the exercise of
the powers of my office and in
consonance with the policy thrust
of this administration, I have,
therefore, directed the EFCC and
other relevant security agencies to
further investigate and confirm the
information already available.”

The AGF said this while addressing
the press on issues affecting the
foreign exchange market in the
country, at his office in Abuja.

Responding to a question, Malami
said investigations of the suspected
foreign exchange suspects had been
completed, adding that that the
EFCC would embark on ‘massive
prosecution’ soon.

“We have passed the stage of
warning. We have passed the stage
of investigation. We have gone far
in terms of gathering the evidence.
We are at the stage of embarking
on massive prosecution.”

He said some of the ongoing sharp
practices causing the instability of
the naira included round-tripping
of foreign exchange sourced from
the inter-bank market, rendition of
false foreign exchange utilisation
data, non-repatriation of proceeds
and use of foreign exchange for
ineligible purposes.

He also linked the forex crisis to
‘consumption of foreign exchange
transactions with inadequate,
expired and or forged documents;
and failure to report foreign
exchange end users who default in
the submission of required
documents’.

He added that, “In the light of the
current economic realities, it clear
to all objective and discerning
observers that there is an urgent
need to review our foreign market
from the perspective of the degree
of compliance with extant laws and
regulations due to certain
disturbing developments which
increasingly are confirming the
initial suspicion of government that
the current state of the naira is not
the result of neutral factors.

“On the contrary, and indeed on a
very sad not, it is apparent that our
national currency is being
deliberately undermined by
carefully-orchestrated criminal
conspiracies and manipulation by
unscrupulous elements hiding
under the cloak of so-called ‘market
forces’.”

The Minister of Justice said all
found wanting will be dealt with,
appropriately.