Just In: Govs Under Watch for Stashed Cash Have Increased, EFCC Chairman Bawa Reveals

Just In: Govs Under Watch for Stashed Cash Have Increased, EFCC Chairman Bawa Reveals

  • More governors are under monitoring over moves to launder cash, the Economic and Financial Crimes Commission, Abdulrasheed Bawa has disclosed.
  • Although the EFCC boss did not reveal the exact figures for the increase but maintained the CBN move to redesign the naira is a welcome development
  • Meanwhile, few weeks ago, Bawa hinted at EFCC’s surveillance operations around three Governors, who he alleged were being watched for money laundering as FG backs conclude plan to redesign the naira notes

An emerging report by The Nation has it that Chairman of the Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa has declared the number of Governors being monitored by the Commission for suspected money laundering has increased from the three earlier mentioned.

Bawa, who spoke to State House Correspondents at the Presidential Villa, Abuja, after a meeting with President Muhammadu Buhari, however, declined to put a figure to the increase, saying he did not want to be misrepresented.

Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, naira redesign
EFCC has backed the naira redesign while noting more governors are under its watchlist. Photo credit: @officialEFCC
Source: Twitter

Two weeks ago, Bawa hinted at EFCC’s surveillance operations around three Governors, who he alleged were being watched for money laundering in the wake of the Federal Government’s plan to redesign the naira notes.

The anti-corruption Tzar also praised the new naira redesign project, describing it as a significant process in the country’s fight against financial crimes and other forms of corruption.

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According to him, the huge amount of currency that has left the hold of the Central Bank of Nigeria (CBN) makes trailing financial crimes difficult, noting the naira redesigning is an opportunity for the government to regain control over the flow of cash in the country.

Naira redesign: Five Things every Nigerian must know about CBN new naira notes ahead of circulation

The Central Bank of Nigeria has continued its effort to prepare Nigerians ahead of the circulation of the new Naira notes.

The new Naira notes are expected to be available to the public from Thursday, December 15, 2022.

Punch reports that President Muhammadu Buhari has thrown his full support to the move and wants Nigerians to comply.

Naira starts the week with a massive fall against the dollar

Meanwhile, Nigeria's CBN has another headache as Naira lost a huge chunk of its value recovered at the black market last week.

Legit.ng revealed that Many Nigerians who went to the black market to get FX were surprised by the sudden change as Naira exchanged to the dollar above N750.

Experts have reacted to the current state of the market while speaking on the impact on Nigerians and companies.

Source: Legit.ng

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