EFCC office
Operatives of the Economic and Financial Crimes Commission (EFCC), Benin Zonal Directorate, have interrogated a banker and a Bureau De Change (BDC) operator over their alleged involvement in a multi-billion naira money laundering scheme.
The suspects, identified as Masa Olumense, a banker, and Abdulkadir Muhammed Usman, a BDC operator, are being questioned for allegedly making and receiving cash payments far in excess of the legally stipulated threshold for individuals.
The EFCC noted that the transaction directly contravenes Section 2(1) of the Money Laundering (Prevention and Prohibition) Act, 2022, which strictly regulates cash thresholds to curb illicit financial flows.
Meanwhile, the Commission revealed that a manhunt has been launched for other fleeing suspects linked to the transaction, who remain at large. Investigations into the matter are ongoing.
