EFCC Recovers Equivalent of N250m at Balogun Market in Lagos

Photo Credit: Facebook – EFCC

Following the recovery of about N448 million at LEGICO Shopping Plaza, Ahmadu Bello Way, Victoria Island, Lagos, the Economic and Financial Crimes Commission (EFCC) has said that it has recovered the equivalent of N250m cash in Pounds, Euro and Naira.

According to a statement by the anti-graft agency, a tip off from a whistle-blower on Monday led operatives to intercept huge sums of money in various currencies at the popular Balogun market in Lagos.

“The monies include €547,730 and £21,090 as well as N5,648,500 . The total haul is about N250m at the prevailing exchange rate at the parallel market.

The interception followed information that about N250 million cash was being moved somewhere in the market for conversion into foreign currencies by unnamed persons.

Operatives responded timely, met the money in Bureau de Change office, but a large chunk of it had been converted into Euro and Pounds sterling.

The BDC operators found in possession of the monies claimed they were acting on behalf of their boss who sent the money to them from one of the Northern states in Nigeria.

Two persons apprehended in the course of the raid are helping the Commission in its investigation,” the EFCC said.