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EFCC exposes banks that help corrupt politicians move billions of Naira out of Nigeria

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EFCC exposes banks that help corrupt politicians move billions of Naira out of Nigeria

President Muhammadu Buhari isn’t relenting on his effort to kill corruption in Nigeria. While he’s in Aso Rock he’s confident that his man at the helms of affairs at the EFCC headquarters is doing a very good job.

Recently, the Economic and Financial Crimes Commission (EFCC), accused 10 commercial banks of money laundering. Chairman EFCC, Mr Ibrahim Magu, levelled the accusation on Friday, while speaking at a round table meeting with managing directors of financial institutions in Nigeria, reported The NextEdition, unfortunately he kept the names of banks to himself.

The EFCC boss spoke on the theme: “Roles and Obligations of Managing Directors of Banks in Nigeria in Curbing Vote Buying During an Election, Illicit Financial Flows and Other Related Matters in Nigeria”.

Said he: “It is worrisome to note that in 2018, statistics available to the EFCC shows that out of about 28 commercial banks in Nigeria, 10 banks evacuated out of Nigeria through Travelex Nigeria Limited the sums of GBP- 50,832,560; USD-8,057,756; EURO-39,986,560 and RAND-7,500,000. The reasons for these evacuations are still sketchy. We must note that the impact of illicit financial flows from the country undermine the stability and integrity of the financial institutions.”

According to Magu, intelligence reports have shown that banks are aiding their customers to receive foreign financial inflows to their accounts in neighbouring countries, where they have branches like Ghana, Republic of Niger and other West African countries.

Said Magu: “The money is then couriered into Nigeria through the land borders to circumvent declaration and reporting”.

Describing them as “gatekeepers”, Magu said no country could control illicit financial flows, without the cooperation of financial institutions.

Under the previous EFCC chairman Nuhu Ribadu, the agency has addressed financial corruption by prosecuting and convicting a number of high-profile corrupt individuals, ranging from Nigeria’s former chief law enforcement officer to several bank chief executives. By 2005, the EFCC arrested government officials including, Diepreye Alamieyeseigha.

In September 2006, the EFCC had 31 of Nigeria’s 36 state governors under investigation for corruption.

In December 2007, the Nigerian Federal Government, after extensive investigations by EFCC and other organisations, cleared the Vaswani brothers of any wrongdoing and invited them back into the country. Leading Nigerian daily “This Day” and other major newspapers reported the facts of their clearance quoting text from FG issued directives.

In April 2008, the EFCC began an investigation of the very influential daughter of the former Nigerian President, Senator Iyabo Obasanjo-Bello for receiving N10 million ($100,000), stolen from the Ministry of Health. The former Health Minister and her deputy are currently on trial for stealing over N30,000,000 ($300,000) from the ministry’s unspent funds from last year.

On June 6, 2008, Chief (Mrs) Farida Mzamber Waziri was sworn in as the new chairperson of the EFCC. Then on the 6th of August 2008, the former chairman Nuhu Ribadu was demoted from Assistant Inspector General (AIG) to Deputy Commissioner of Police (DCP).

Waziri was dismissed by President Goodluck Jonathan on 23 November 2011 and replaced by Ibrahim Lamorde as Acting Chairman, who has since been confirmed on the 15 February 2012 by the Nigerian Senate.

Since 2008, its website contains a list of the country’s most wanted criminals. They’re also known for their informal motto WE WILL GET YOU.

On September 14, 2010, the head of the Forensic Unit of the EFCC, Abdullahi Muazu, was assassinated in Kaduna. He had been actively involved in the trials of several heads of banks

EFCC incumbent Chairman is Ibrahim Magu.

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