In a significant move against illicit foreign exchange (FX) trading, the Economic and Financial Crimes Commission (EFCC) has taken action by freezing over 300 accounts.

Ola Olukoyede, EFCC’s chairman, disclosed this development during a statement in Abuja on Tuesday, underscoring the agency's efforts to combat financial crimes. Olukoyede emphasized the critical role of a court order in securing the freeze, highlighting the potential consequences if the accounts were not seized.

Moreover, he shed light on the alarming scale of illicit transactions, noting that over $15 billion had passed through unregulated platforms in the past year alone. This revelation underscores the magnitude of the challenge posed by unmonitored financial activities within the country.

The timing of this crackdown coincides with another notable event: the reported arrest of Nadeem Anjarwalla, the Binance regional manager for Africa, by Kenya’s police service. Anjarwalla's escape from an Abuja guest house, where he and his colleague Tigran Gambaryan were held by the federal government, further adds intrigue to the unfolding situation. Their alleged involvement in tax evasion and money laundering has brought them into the spotlight, with their arrest and detention on February 28 marking a significant development in the investigation.

These events unfold against the backdrop of concerns raised by Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), regarding the substantial financial flows passing through Binance Nigeria from unidentified sources.

Cardoso's assertion, made on February 27, 2024, underscores the urgency of collaborative efforts between various agencies, including the EFCC, police, and the office of the national security adviser (NSA), to address illicit financial activities within the country.