Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has taken into custody a banker, Masa Olumense, and a bureau de change (BDC) operator, Abdulkadir Muhammed Usman, for allegedly making and receiving cash payments totaling about $2.6 million without routing the funds through any financial institution, a flagrant violation of Nigeria's anti‑money laundering laws.
The anti‑graft agency, in a statement posted on its official X handle on Tuesday, June 9, 2026, said the interrogation follows a preliminary investigation that uncovered a suspicious cash‑based scheme. The EFCC alleged that the duo conducted cash transactions amounting to $2,598,900 (approximately N3.64 billion), which they handled outside the formal banking system. “The duo were alleged to have made and received cash payments to the tune of $2,598,900 without going through a financial institution,” the EFCC said.
The Money Laundering (Prevention and Prohibition) Act, 2022, strictly regulates cash transactions. Section 2(1) of the Act, which the suspects are accused of contravening, restricts cash payments above a legally stipulated threshold, requiring that such amounts be processed through financial institutions to ensure transparency and curb illicit financial flows. The EFCC said the alleged transaction is far above the permitted limit for individuals under Nigerian law.
The Benin Zonal Directorate, headquartered at No. 1 High Court Road in the Government Reservation Area (GRA) of Benin City, has intensified its enforcement of the Money Laundering Act, which also mandates BDC operators to report suspicious transactions to the Nigerian Financial Intelligence Unit (NFIU). The EFCC has repeatedly warned that cash transactions above $10,000 without proper declaration are illegal, and the agency has stepped up surveillance on currency exchange outlets across the country.
The Commission did not disclose whether the two suspects have been charged or granted bail, but said they are currently being interrogated to help investigators unravel the full scope of the alleged money‑laundering network. The EFCC added that other individuals linked to the transaction have been identified and are still at large. “The Commission is on the trail of other suspects linked to the fraud who are currently at large,” the agency said, adding that efforts are being intensified to track and apprehend them.
This latest arrest follows a pattern of EFCC enforcement actions targeting cash‑based financial irregularities in the South‑South region. In December 2025, the Benin Zonal Directorate handed over over N802 million recovered from a suspect to the Edo State Government. In 2024, operatives in Benin arrested 27 suspected internet fraudsters in a single operation.
The EFCC has assured that appropriate legal action would be taken against all persons found culpable at the conclusion of the investigation. As the agency continues to follow the money trail, the two suspects remain in custody, with their potential arraignment expected in the coming weeks.
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