Ibrahim Magu 'We're going after bank MDs,' EFCC boss says

Magu said he has urged the Governor of the Central Bank of Nigeria to stop private banking, saying its illegal.

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The Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, has said the agency will go after banks and their personnel involved in money laundring.

According to Vanguard, Magu said he has urged the Governor of the Central Bank of Nigeria to stop private banking, saying its illegal.

"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," the EFCC boss said.

"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."

Magu stressed the EFCC is no respecter of anyone found culpable, adding that the bank MDs given a lot of room for the money laundering activities to thrive.

READ: Lawyer asks EFCC to present court order for freezing Fayose’s account

He said they were used to hide all the funds stolen from Nigeria's treasury.

Pulse recalls that the Commission recently froze the Zenith bank account of the Ekiti State Governor, Ayodele Fayose who is being investigated for corruption.

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