- The Economic and Financial Crimes Commission (EFCC) was warned banks against being involved in aiding money laundering
- The chairman of the anti-graft agency, Ibrahim Magu, cautioned some financial institutions to desist from funding terrorists in Nigeria
- Magu further said that the commission will start profiling all the Non-governmental Organizations (NGOs) in the northeast
Ibrahim Magu, the acting chairman of the Economic and Financial Crimes Commission (EFCC), has cautioned bank officials in the country against aiding money laundering and terrorist financing.
Magu gave the warning in a statement by EFFC's spokesman, Tony Orilade on Tuesday, April 9, in Abuja, the News Agency of Nigeria (NAN) reports.
Orilade quoted Magu as giving the warning at an interactive session with chief compliance officers of banks in Maiduguri, the Borno capital.
The EFCC chairman urged bankers to ensure strict compliance with the Money Laundering Act. Magu said that bankers must endeavour to report to the anti-graft agency, cash movements that fall above the allowed threshold.
“Nobody should carry cash above the threshold of above N 10 million for corporate organisations and N5 million for individuals. Anything above the threshold must be routed through financial institutions,” he said.
He further said that the issue of money laundering, terrorist financing and leakage of information would be eliminated by the commission with the help of bankers across the country.
Magu said the EFCC would soon commence the profiling of Non-governmental Organizations (NGOs) in the north-east with a view to monitoring their financial activities.
“We must profile all the NGOs in the North-East, I don’t know why an NGO will open more than 40 bank accounts.
“We are going to ask your various banks to give us statements of accounts for each and every NGO,” he said.
Meanwhile, Legit.ng reported that the EFCC on Monday, April 8, announced that five alleged train ticket racketeers in Abuja, the capital of Nigeria were arrested. It also confirmed that another set of such suspects have been arrested in Kaduna.
In one of the separate statements obtained by Legit.ng, the anti-graft agency gave the names of the five arrested suspects to include Clement Zakka, Udim Sunday Samson, Adams Danladi, Otitomoni Omobolanle and Hassan Dauda.
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