EFCC Charges Bankers for Alleged Currency Racketeering in Enugu

The Economic and Financial Crimes Commission (EFCC) has taken legal action against two bankers, Ekpe Anayaoha Okoronkwo and Umeonuoha Onyinye, who are accused of engaging in currency racketeering in Enugu, Nigeria.

The EFCC's involvement began with actionable intelligence that linked the two bankers to the illegal sale of newly-minted Naira notes. Specifically, they were accused of selling N500,000 in N200 denominations. This transaction allegedly involved a third party, Husseini Ibrahim, and took place within the jurisdiction of the Federal High Court of Nigeria.

Currency racketeering, particularly involving newly-minted notes, poses a serious threat to the integrity of financial systems. It often involves the unauthorized sale or distribution of currency, which can lead to inflationary pressures and undermine public confidence in the financial system. In this case, the alleged actions of the bankers highlight vulnerabilities within banking operations and the need for stringent oversight.

Addressing such financial crimes requires robust regulatory frameworks and effective enforcement mechanisms. The EFCC's role in prosecuting these cases is crucial for deterring future misconduct. Additionally, banks must implement rigorous internal controls and compliance measures to prevent employees from engaging in illegal activities.

The arraignment took place before Justice Mohammed Garba Umar at the Federal High Court sitting in Independence Layout, Enugu State, on December 12, 2024. During the proceedings, Okoronkwo pleaded guilty to the charges, while Onyinye maintained her innocence. The EFCC's counsel, Chief Superintendent Rotimi Ajobiewe, requested time to review the facts of the case concerning Okoronkwo and sought a trial date for Onyinye.