10 Banks Accuses of Money Laundering by EFCC

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.