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EFCC – We Will Go After Bank MDs


The Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu has  expressed concern over the activities of banks in money laundering pointing out that the use of what bankers call ‘private banking’ has provided a favourable window for top politicians to launder huge sums of public funds.

He said he had already taken up the matter with the Central Bank of Nigeria Governor and other bankers with a view to ending that floodgate of looting.

He said:

“We had a discussion with the governor of the Central Bank of Nigeria and I insisted that this so-called private banking should be stopped. It is illegal. It is wrong.“

We are not only going after the personnel of the banks but also after the banks.

What happens is that when a staff of the bank is involved in such activities, what the bank does is to take the person out of the system through dismissal.

But now, we are going to go after the banks and the personnel used to perpetrate the fraud. It takes two to tango. In fact, very soon you will see us going after the Managing Directors of the banks.

We don’t care what happens because the right thing has to be done. These people have given a lot of room for the money laundering activities to thrive. They were used to hide all the stolen money

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