25th June 2024
Business & Economy Crime & Investigation News

Exorbitant Sell Of Naira For Naira: EFCC Arrests 80 PoS Vendors In Ondo

Exorbitant Sell Of Naira For Naira: EFCC Arrests 80 PoS Vendors In Ondo

No fewer than 80 Point of Sales (PoS) agents, suspected to be buying and selling money to members of the public with higher interest have been arrested by operatives of the Economic and Financial Crimes Commission (EFCC), in Ondo state.

Vanguard gathered that the officials of the commission carried out the exercise in Akure, the state capital, weekend.

The officials reportedly went round Akure South and Akure North council areas in the state, where the agents were arrested for selling naira at higher rates to residents.

Following the development, many POS agents have deserted their stands for fear of being arrested.

For weeks, some PoS agents have been buying cash from banks, and sell to customers at exorbitant rates.

An eyewitness said the operatives of the commission stormed the popular Oja-Oba market along Oba Adesida road in Akure and arrested about 80 agents.

He said that “The EFCC operatives have arrested about 80 PoS attendants in Oja Oba area. They will ask them to disclose the source of their cash and how much they are charging customers and also ask them to take them to the person that gave them the money.

“Some PoS attendants, who got the information beforehand, abandoned their stands and fled.

Another eyewitness said that one woman came to a stand while an agent was attending to customers, she asked the agent how much he charges on every one thousand naira.

“As at the time the transaction was made, I saw the woman signaled to some men and that was how I knew they were EFCC officials and they whisked the agent away.

“But it is sad the way at which the PoS vendors exploit residents because they see members of the public as not having another option since banks are not helpful.

The PoS agents are making too much gains. You can imagine charging N300 for each N1,000 transaction.

He said that “I pray that the CBN should fulfill its promises of flooding the banks with money so that the public can be rescued from the extortion by the PoS vendors” 

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