Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have interrogated a banker, Masa Olumense, and a bureau de change operator, Abdulkadir Muhammed Usman, over their alleged involvement in a multi-billion naira money laundering scheme.
The anti-graft agency said the suspects are being investigated for allegedly making and receiving cash payments far above the threshold permitted for individuals under Nigeria’s anti-money laundering laws.
According to the EFCC, preliminary investigations revealed that the duo allegedly conducted cash transactions amounting to $2,598,900 (about N3.64 billion) without routing the funds through any financial institution, contrary to the provisions of Section 2(1) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The Commission disclosed that the transactions, valued at approximately N3,638,460,000, were carried out in violation of regulations designed to curb illicit financial flows and strengthen transparency in the financial system.
The EFCC further stated that investigations are ongoing and that it is tracking other individuals believed to be connected to the alleged fraud.
According to the agency, the additional suspects are currently at large, while efforts are being intensified to apprehend them and unravel the full extent of the alleged money laundering network.
The Commission assured that appropriate legal action would be taken against all persons found culpable at the conclusion of investigations.
