EFCC Apprehends 80 POS Vendors In Ondo For Selling Naira At High Interest Rate

The operatives of the Economic and Financial Crimes Commission (EFCC), Ondo State Command, has arrested over 80 Point of Sales (PoS) agents.

EFCC said the arrested suspected were rendering services by buying and charging interests higher than the official rates to the members of the public.

The operatives were said to have combed the enetire Akure during the raids before arresting the suspects at the weekend.

According to the reports, the operatives combed Akure South and Akure North council areas in the state, where the agents were arrested for selling naira at higher rates to residents

During the raids, many POS agents fled their business premises for fear of being arrested. Some PoS agents have been buying cash from banks, and sell to customers at exorbitant rates.

The operatives of the commission was said to have invaded the popular Oja-Oba market along Oba Adesida road in Akure and arrested about 80 agents.

“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." An Eyewitness said.

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” 

Credit: Vanguard Newspaper