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EFCC Raids Balogun Market in Lagos, Seizes N250m

By Modupe Gbadeyanka

Operatives of the Economic and Financial Crimes Commission (EFCC) on Monday stormed the popular Balogun Market in Lagos and confiscated some amount of money totalling N250 million.

It was gathered that the agency acted on a tip off from a whistle blower, who claimed there was a plan to move a huge sum of money and convert to foreign currencies.

According to the EFCC, it swung into action and found the money in various currencies at the market as reported at the office of Bureaux de Change (BDC) operator. The monies include €547,730 and £21,090 as well as N5,648,500, totalling N250 million at the prevailing exchange rate at the parallel market.

The BDC operators found in possession of the monies claimed they were acting on behalf of their boss who sent the money to them from one of the Northern states in Nigeria.

Two persons apprehended in the course of the raid are helping the commission in its investigation.

Recall that last week, the EFCC raided a shopping plaza in Lagos, where it uncovered nearly N500 million kept in one of the lock-up shops.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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