EFCC Chairman Reveals New Financial Scheme More Concerning than Binance: “P to P” Trading Scheme Uncovered

The Economic and Financial Crimes Commission (EFCC) has uncovered a new financial scheme that has raised concerns among regulators and law enforcement agencies in Nigeria. The scheme, known as “P to P,” operates outside the official banking and financial channels, posing a threat to the country’s financial system.

Ola Olukoyede, the Chairman of the EFCC, revealed that approximately 300 accounts associated with the new scheme have been frozen to prevent further damage to the foreign exchange market and protect the value of the Naira. He expressed alarm over the scale and impact of the scheme, stating that it is even more concerning than the popular crypto trading platform Binance.

According to Olukoyede, over $15 billion has passed through one of the platforms associated with the scheme in the past year alone, without adhering to financial regulations. This discovery highlights the challenges faced by regulatory agencies in monitoring and combating illicit financial activities.

The EFCC Chairman emphasized the importance of increased vigilance and public awareness to prevent unsuspecting individuals from falling victim to such schemes. He urged Nigerians to conduct their financial transactions through legitimate and regulated channels to avoid becoming entangled in illegal activities.

The emergence of the “P to P” scheme comes at a time when the EFCC is already dealing with the complexities of regulating cryptocurrency platforms like Binance. The discovery of this new scheme poses a new set of challenges for law enforcement agencies, as they work to protect the financial stability of Nigeria and safeguard the interests of its citizens.