Be wary of politicians’ excesses - Magu warns Bureau de Change operators

Be wary of politicians’ excesses - Magu warns Bureau de Change operators

- Ibrahim Magu said politicians often connived with BCD operators to steal public funds

- Magu maintained that many politicians transfer looted funds from government accounts to BDC’s accounts

- He, however, warned that the agency would prosecute operators and bankers who failed to comply with laws guiding the financial regulating system

The acting chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, has cautioned Bureau de Change operators in the country against aiding corrupt practices of some politicians.

News Agency of Nigeria (NAN) reports that Magu made this known at a meeting with the Association of Bureaux De Change Operators of Nigeria in Abuja on Thursday, November 15.

In a statement by head, media and publicity of the EFCC, Tony Orilade, the chairman said the politicians often connived with BCD operators to steal public funds.

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The chairman said: “These politicians transfer looted funds from government accounts to BDC’s accounts; in ten, twenty million in about 75 transactions in one day. This is done with only paperwork, no physical cash.

“The BDC operators now take the money to the politician’s village and also buy properties for them in and outside the country.

“They help clean up dirty money. When we start prosecuting them in every zone, others will sit up. We all have the responsibility to clean this country. We must always do the right thing. We shall go to the airports and border points and deal with those who help these thieves.”

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Magu warned that the agency would prosecute operators and bankers who failed to comply with laws guiding the financial regulating system.

Earlier, acting president of the association, Alhaji Aminu Gwadabe, commended the EFCC chairman for his determination in the fight against corruption in the country.

He gave the assurance that about 5000 licenced members of the association were ready to collaborate with the commission in the fight against corruption.

Meanwhile, Legit.ng had reported that the acting chairman of the EFCC, Ibrahim Magu, said the anti-graft agency secured over 700 convictions in the last three years and about N871 billion has been recovered from looters.

Magu made the statement in Abuja on Monday, November 12, while addresing journalists at an event organised to mark his third year in office.

The EFCC acting chairman added that the anti-graft commission, under his watch, has been able to recover about 407 mansions owned by looters.

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Source: Legit

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