Ibrahim Magu, the acting Chairman
of the Economic and Financial Crimes Commission (EFCC), has accused 10 unnamed
commercial banks of money laundering.
Magu stated this on Friday, while
speaking at a round table meeting with managing directors of financial
institutions in Nigeria.
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”.
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 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.
“The money is then couriered into
Nigeria through the land borders to circumvent declaration and reporting,” he
stated.
Describing them as “gatekeepers”,
Magu said no country could control illicit financial flows, without the
cooperation of financial institutions.
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