The Attorney General of the
Federation (AGF), Abubakar Malami (SAN), has disclosed that the federal
government is ready to prosecute any person suspected to have engaged in
foreign exchange round-tripping, among other malpractices in the foreign
exchange markets.
To this end, he said he has
directed the Economic and Financial Crimes Commission (EFCC) to investigate and
confirm information available to government on the nefarious activities of
persons and banks involved in such practices within and outside the country.
“Let me restate in the
strongest terms that these nefarious malpractices by unscrupulous individuals
and institutions will no longer be tolerated. In this regard, measures are
already in place to deal with the infractions decisively and relevant security
agencies are on the red alert to investigate these infractions and appropriate
sanctions shall follow accordingly,” he said.
Malami, who made the
disclosure to newsmen Wednesday in Abuja, said the government had done its
preliminary investigations and has proof, adding that all that was left was for
EFCC to commence the probe and prosecution of all the indicted persons and
institutions that had illicitly profiteered from the wide spread between the
official rate of the dollar and the parallel market rate.
According to him, available
reports at the disposal of the government had confirmed suspicions that the current
value of the naira was not reflective of economic factors or demand and supply
forces alone, but was the deliberate action of some individuals who are
undermining the current efforts of the present administration to reposition the
economy on the path to sustainable growth through diversification and greater
accountability.