A six-month Granite News investigation has uncovered a sophisticated shadow financial network operating across Nigeria’s major cities that processes an estimated $15 billion annually through illegal foreign exchange trading, unreported cash businesses and front companies designed to layer illicit funds into the legitimate economy.
Our investigation, which involved interviews with over 80 sources including former EFCC operatives, banking insiders and whistleblowers, used financial records, corporate documents and surveillance data to map the network’s structure.
The network, which we have named the Marble Circuit, operates through Bureau de Change operators, real estate companies, petrol stations and restaurant chains in Lagos, Abuja, Kano and Port Harcourt.
We presented our findings to the EFCC, CBN and the Office of the Attorney General before publication. The EFCC confirmed investigations were ongoing.
