EFCC says fraudsters are working in banks to help politicians to steal money

Speaking during a meeting with compliance officers of different banks in Port Harcourt on Friday, April 5, 2019, the EFCC boss said fraudsters working in banks are helping politically exposed people to commit various financial crimes.

Apart from helping politicians to launder money, Magu said some bankers also help fraudsters in committing cybercrime.

The EFCC boss identifies MoneyGram and Western Union as veritable platform internet fraudsters use to dispossess innocent people of their money.

EFCC Acting Chairman, Ibrahim Magu was appointed in November 2015. (Hausa Daily Nigerian) ece-auto-gen

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 the 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 perpetrate 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.

Speaking on terrorism, Magu said “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 also said that the EFCC has secured 194 convictions in the last three months, adding that some of the cases were not filed this year.