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Thursday, January 23, 2020

Fraudsters Are Working In Banks And In The EFCC, Laments Magu

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Ibrahim Magu, the acting  Chairman of the Economic and Financial Crimes Commission (EFCC), on Friday said many fraudsters in Nigerian banks were aiding criminals to perpetrate financial crimes.

Speaking at a meeting with compliance officers of various banks in Port Harcourt, Magu said such fraudsters assisted politically exposed persons to steal and launder public funds, adding that the “bad eggs” are also available in the agency he heads.

He said apart from colluding with corrupt politicians and “terrorists”, some banks also help internet fraudsters commit financial crimes using money transfer services.

He said: “The banks also help the politically exposed persons to steal and launder public funds.

“Money is being laundered and money is being used to fund terrorism in the country. There are more terrorists in the country. There are more terrorist activities in the country, so it is good business for them.

“You will agree with me that the banks give lifelines to internet fraudsters, the ones we call Yahoo boys. So this is the reason we must come here. Wehave to talk. Unfortunately, we have fraudsters working in the banks, working right inside the banks.”

Speaking further, Magu reiterated his conviction that many banker are aiding and abetting fraudulent activities of criminals.

“We want to put in our machinery to deal with such fraudulent activities of the bankers and some law enforcement agencies,” he sai adding that not even the agency he presides over is free of the bad eggs.

“There are  bad eggs among us, even in the EFCC; there seems to be readily available partnership with some fraudulent elements within the bank to perpetrate certain fraudulent activities and money laundering. I think this basically the reason we called this meeting.”

Magu, however, reassured the people at the event that the commission would go after governors with outstanding cases of corruption who are currently covered by immunity.

“We will go after them,” he said. “We will not let anybody go.”

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