Whistle blowing is the new MMM! Blower leads EFCC to another N250m in Balogun Market




Background
  • A whistle blower today led EFCC operatives to a Bureau de Change office in Balogun market where N250m was being prepared with wings to fly. Some of the money had already been converted to Euro and Pounds sterling.
  • Breakdown: €547,730,  £21,090 and N5,648,500
Our take on the matter

  • We hope this does not end like Justice Ademola's case. If the owner can succcessfully defend the source of his money, doesn't he have the right to do whatever he likes with it.
  • If only EFCC will go after those benefiting from the arbitage in the FX market then the Naira would have become stronger.
Conclusion
  • While we detest corruption and money laundering, it must be said that this is another 'gra gra' approach. A more intelligent approach is to follow the money stealthy and the bigger fish or fishes would have been caught. The Bureau du Change operators would simply claim ignorance and that they are just doing their job.
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