RismadarVoice Reporters
June 9, 2026
Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have interrogated a bureau de change operator, Abdulkadir Muhammed Usman, and a banker, Masa Olumense, over alleged money laundering and illegal cash transactions.
The suspects are alleged to have made and received cash payments totalling $2,598,900 (Two million, Five hundred and Ninety-Eight Thousand, Nine Hundred US dollars), equivalent to about N3,638,460,000 (Three Billion, Six Hundred and Thirty-Eight Million, Four Hundred and Sixty Thousand Naira), without routing the funds through a financial institution.
The EFCC said the alleged transactions contravene Section 2(1) of the Money Laundering (Prevention and Prohibition) Act, 2022, which prohibits cash payments above the stipulated threshold for individuals without proper financial channels.
The Commission disclosed that other suspects linked to the case are currently at large and are being tracked by investigators.
