Home CORRUPTION Banks and bad eggs in EFCC helping fraudsters and politicians – Magu

Banks and bad eggs in EFCC helping fraudsters and politicians – Magu


Ibrahim Magu, acting Chairman of the Economic and Financial Crimes Commission (EFCC), has alleged that some banks are aiding and abetting politicians and fraudsters in stealing and laundering money in the country.

The EFCC boss made this assertion at a meeting with compliance officers of different banks in Port Harcourt on Friday.

According to Magu, employees of some bank, whom he also described as fraudsters, actively connive with politicians and fraudsters to wire money through the various international monetary transfer payment system.

He also admitted that “some bad eggs” within the anti-graft agency which he heads collaborate with unethical bank officials to perpetrate criminal acts on behalf of certain persons in the society.

He said, “The banks also help the politically exposed persons to steal and launder public funds. You will also agree with me that the banks give lifelines to internet fraudsters; the one we call Yahoo boys.

“They (banks) provide market for them through MoneyGram and Western Union that are readily available. So, this is the reason we say we must come here. We have to talk. Unfortunately, we have fraudsters working in the banks; working right inside the banks.

“They throw confidentiality to the wind and subject people’s accounts to a lot of intimidation and extortion. We want to put in our machinery to deal with such fraudulent activities of the bankers and some law enforcement agencies.

“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 perpetuate certain fraudulent activities and money laundering. I think this is basically the reason we called this meeting.

“Journalists are supposed to be corruption fighters and hunters just like the compliance officers; they are also corruption fighters and we must all work together to make the fight against corruption in Nigeria work.”

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

Magu urged all Nigerians to join in the fight against corruption, saying that it is a fight for the future of the country.

“The fight against corruption is not for us; it is for our future generation. Every Nigerian has a duty to fight corruption. God created us to fight corruption. God did not create you to cause evil. We must insist the right thing is done always,” he said.


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