EFCC Partners CBN, Immigration Service to Combat Dollarisation, Illegal Mining

Date: 2026-03-12

The Ilorin Zonal Director of the Economic and Financial Crimes Commission (EFCC), Victoria Ugo-Ali, on Tuesday, 10th March 2026, paid courtesy visits to the Branch Controller of the Ilorin Branch of the Central Bank of Nigeria (CBN), Monga Muhammed, and the Comptroller of the Nigerian Immigration Service (NIS), Kwara Command, Hossein Ayuba Muhammed, as part of the Commission's efforts to strengthen inter-agency collaboration in tackling the dollarisation of the Nigerian economy and the illegal excavation of the country's mineral resources by local and foreign nationals.

Speaking during her visit to the CBN branch in Ilorin, Kwara State, Ugo-Ali stated that the visit was aimed at reinforcing the Commission's strategic partnership with key institutions whose mandates intersect with the EFCC's anti-corruption and economic crime enforcement responsibilities. She emphasised the need for stronger collaboration between the EFCC and the apex bank in addressing the growing trend of dollarisation in the Nigerian economy.

According to her, "the Chairman of the EFCC, Ola Olukoyede, is determined to curb the increasing preference for foreign currencies in domestic transactions, describing the practice as a serious threat to the stability of the nation's financial system."

Ugo-Ali further noted that "many economic and financial crimes are perpetrated through financial institutions," stressing the importance of timely intelligence and reports on suspicious transactions.

She called on the apex bank to continue providing the Commission with relevant financial intelligence that would aid investigations and help curb money laundering and other financial crimes.

She also reiterated that the growing preference for foreign currencies in local transactions undermines the value of the naira and weakens public confidence in the national currency.

In his response, the CBN Branch Controller, Muhammed commended the Zonal Director and the management team of the EFCC for the visit, promising to sustain and deepen the already cordial relationship between the two organisations. He described the engagement as the first of its kind and expressed optimism that it would further strengthen the cooperation between both institutions.

"At our end here, we will continue to partner with you because we carry out complementary functions. Whilst your duty is to tackle economic and financial crimes, our responsibility primarily as the apex bank is to stabilise the economy and regulate financial institutions. We will not fail in that regard," he said.

The CBN Branch Controller further disclosed that the apex bank had put several measures in place to address naira abuse and the dollarisation of the economy. According to him, the CBN has the capacity to track currency in circulation and would not hesitate to apply appropriate sanctions against individuals or organisations found trading illegally in the nation's currency. At the Kwara State Command of the Nigerian Immigration Service, Ugo-Ali highlighted the critical role of the NIS in combating illegal mining activities, particularly those involving foreign nationals who exploit the country's mineral resources in violation of Nigerian laws. She stressed that effective border control, monitoring of foreign nationals, and intelligence sharing are essential in addressing the growing menace of illegal mining and the financial crimes associated with it, whilst the NIS Comptroller, Muhammed, pledged the Command's full support for the EFCC and assured that the Service would continue to collaborate with the Commission in tracking and profiling suspicious foreign nationals involved in illegal economic activities.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Pakata Patriots     Kehinde Baale     SSA Youth     Kola Bukoye     Sarkin Malamai     Dagbalodo     Sobi FM     Suleiman Ajadi     Ibrahim Abiodun     Lukman Adeloyin     Okanlawon Taiwo     Taofeeq Olateju     Yakubu Shaaba     Bolakale Kawu Agaka     New Nigeria People’s Party     IHS     Sidikat Akaje     Ilorin Innovation Hub     Opaleke Bukola Iyabo     Oluwatoyin Lukman     Suraj Tunji Oyewale     Abdulkadir Bolakale Sakariyah     Hussein Olokooba     Ophthalmological Society Of Nigeria     Ilorin Muslim Community     Earlyon Technologies     Zainab Abass     Oba Sulaiman Asude     Shehu Jimoh     Centre For Community Empowerment And Poverty Eradication     Iyeru Grammar School     Tafidan Kaiama     Titus Suberu-Ajibola     Iqra Books     Abdullahi Biffo     UNILORIN Alumni     Emir Of Yashikira     Baba Isale     Ethical College     Peter Obi     Oko-Olowo     Bilikisu Oniyangi     Mahmud Babatunde Baker     Salihu Alhaji Musa     Yusuf Amuda Abubakar     Ilorin Emirate     Ojuekun     Shao     Dan Iya Of Ilorin     Sardauna Of Ilorin     Amusa Bello     Victor Gbenga Yusuf     Ishaq Oloyede     Pacify Labs     Ahmad Olanrewaju Belgore     Abdulrasheed Akogun     Shuaib Abdulkadir     Salihu Ajibola Ajia     Majlis For Sadaqah, Zakat And Waqf     Medview Airlines     Amule Elementary School     Federal College Of Education (Special), Afon     A.E. Afolabi     Talaka Parapo     Rafiu Ajakaye     Age AbdulKareem     Ilorin Like-Minds     Theophilus Oyebiyi     Leke Ogungbe     Odogun Olushola Gabriel     Abraysports FC     Ola Falade     Hassan Oyeleke     Pilgrims Board     Toyin Saraki     Minimum Wage     Femi Agbaje    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Magaji Are     Alapado     Air Peace     Mohammed Jimoh Faworaja     Mufutau Gbadamosi Esuwoye     Nigeria Customs Service     SSUCOEN     2023 Elections     Tunji Arosanyin     Albert Ogunsola     Tunde Saad     Oloruntoyosi Thomas     Muhammed Taofeeq Abdulrazaq     Saka Aleshinloye     Computer Based Test     Kwara State Infrastructure Development Fund     Ibrahim Kayode Adeyemi     S.O. Opowoye     Yusuf Amuda Aluko     Abdulsalam A. Yusuf     Olawuyi     Earlyon Technologies     Wole Oke     Kwara State Polytechnic     Lukman Oyebanji Fagbemi     Isiaka Rafiu Mope     Crystal Corner Shops     Muhammed Aliyu     Dauda Adesola     Durbar     Ilofa     James Kolo     Abdulwaheed Musa     Ado Ibrahim     Erubu     Ibrahim Orire     Ekiti     Khairat Gwadabe     Sulaiman Gado     Abdullahi G. Mohammad     08001000100     Abdulraheem Yusuf     Tafida Of Ilorin     Oba Sulaiman Asude     Oye Tinuoye     TVC Female National Debate     Yusuf Lanre Badmus     School Of Nursing     Countryside Emerging Leaders Fellowship     Saheed Alakoso     Olabode Towoju     Ubandoma Of Ilorin     NFAI     Alore     Kumbi Titiloye     Saliu Alamoyo     Idiagbon     Kulende     Umar Ayinla Saro     Young Progressives Party     Oniwa     Olusola Saraki     NIRSAL     Jimba Babatunde     Nigeria Computer Society     Yahaya Jibril Usman     Dar-Al-Handasah Consultants     Bola Iyabo Ibiyeye Adisa     Oba Abu     Raliat Elelu-Habeeb     Adedeji Onimago     N-Power     Government High School Adeta     Kwara Muslim Pilgrims Welfare Board     Hijab     Mohammed Yahaya Barki     Onilorin Of Ilorin