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.”
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’.”
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.
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