the crash of the Naira – Forex scam: EFCC arrests bank’s top managers

LAGOS — THE Economic and Financial Crimes Commission, EFCC, is on the trail of several bankers who have perfected a foreign exchange racket.
Already, the anti-graft agency has arrested top managers of a new generation bank over their alleged involvement in the scam and has started full investigation into the activities of other banks’ foreign exchange deals.

Confirming the development, spokesman of the EFCC, Mr. Femi Babafemi, said the foreign exchange racket has been going on for long and the EFCC is investigating it.

With the discovery, it has shown that Nigerian banks are the culprits in the free fall of the nation’s currency, the naira, due to fraudulent activities some of its top managers.

Investigation has shown that in a grand scheme designed to mop up foreign currencies from the official market only to be resold at huge profit in the open market, top bank managers forge documents including flight tickets, international passports and fake company registration document and use them to illegally apply for Business or Personal Traveling Allowance.

Two weeks ago, managers of one of the new generation banks ran out of luck, when EFCC agents raided the bank’s Marina, Lagos branch and carted away thousands of fake travel documents and other supporting papers used in the racket. Two top managers were arrested over the scam.

The discovery of the foreign exchange syndicate in banks has pointed to the source of capital flight from the country.

read on here

Advertisements

10 responses

  1. […] Original post: the crash of the Naira – Forex scam: EFCC arrests bank’s top managers […]

  2. I really enjoyed reading your page… there is always more to learn… keep up the good work!

  3. Thanks for help

  4. SIX FIGURES WITH FOREX

    -More eBooks, trading guides, softwares and instructional DVDs than amazon.com!! *Same price, more selection!*
    -the most effective, top rated FREE tutorial videos to get you started! (yes, totally seperate from what were selling)
    -Streaming ForexTV -the official news channel of Forex and day trading!
    -the latest forex news, updated by the hour!!
    -live charts, an interactive currency converter and other strategic tools!
    -FREE forex widgets for your site!!
    -free link exchange with us, a great advertising strategy! and more!

    We literally have EVERYTHING you need to get started.
    Visit us, and be on your way to

    “Six Figures With Forex”!

    See you there,
    -Joe F. 🙂

  5. One thing don’t forget manage your margin. Nobody know the way of price so trader should study MM-money management.

  6. Keep us posting, good work

  7. good position. nice work.

  8. Good work, your articles are very interesting, i am glad that i googled your blog

  9. I recently came accross your site and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: