EFCC indicts Nigerian banks that help politicians move monies outside Nigeria

EFCC Nigeria

Nigeria’s anti-graft agency has revealed that some Nigerian banks are culpable as they work against fight against corruption in Nigeria. Anti-corruption is one of the cardinal campaign promises of the APC-led government by President Muhammadu Buhari.

Economic and Financial Crimes Commission (EFCC), specifically point accusing fingers at 10 commercial banks of money laundering, but the anti-graft agency didn’t mention the name of the banks.

Chairman EFCC, Mr. Ibrahim Magu, was quoted as saying by The Next Edition that the accusation while speaking at a round table meeting with managing directors of financial institutions in Nigeria.

The EFCC boss speaking 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”.

He said:

“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 undermines the stability and integrity of the financial institutions.”

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Magu said intelligence reports have shown that banks are assisting 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.

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

He described the banks as “gatekeepers” of illicit financial flows.

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