EFCC uncovers N250M in Balogun market

The Economic and Financial Crimes Commission (EFCC) on Monday intercepted huge sums of money in various currencies totalling N250 million at the popular Balogun market in Lagos.

This came barely three days after the commission recovered N449 million at an abandoned bureau de change in Victoria Island, Lagos.

Spokesman of the EFCC, Mr Wilson Uwujaren, who disclosed Monday’s incident in a statement, said the discovery followed a tip off from a whistle blower.

The intercepted monies, according to him, include 547,730 Euros, 21,090 Pounds and N5,648,500 .

He said the total haul was about N250 million 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 (BDC) 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,” Uwujaren said.

He said two persons apprehended in the course of the raid were assisting the comission in its investigation.