We now have fraudsters working inside banks – Magu

The acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has accused banks of conniving with Bureau De Change operators to launder money and commit other illegal activities.
The EFCC boss, who spoke in Port Harcourt, Rivers state on Friday, April 5, during a meeting with compliance officers of banks in the south-south zone, said fraudsters now work in Nigerian banks, Vanguard reports.


Magu said: “You cannot fight corruption in isolation, that is why we are having this meeting today with Compliance officers of banks. We have to join hands including the journalists to succeed in this fight.

“A lot of laundering activities today are going on in the bank. This is because a lot of them connive with Bureau De Change agents. We have discovered that many of these operators of Bureau De Change are foreign nationals. Banks give them chance and they launder our money and they finance terrorism. Banks also help politically exposed persons to steal funds. They give life to internet fraudsters through Money Gram and Western Union.

“Unfortunately, we now have fraudsters working inside the banks. They subject people’s account into intimidation and extortion. We want to put our mercenary to deal with such bankers.”


Meanwhile, Legit.ng previously reported that Magu on Thursday, April 4, said that the anti-graft agency, between January, 2018 and the first quarter of 2019, recovered N251 billion, multi-million dollar worth of jewelleries like gold and trapped taxes.

Magu revealed this at the ongoing 2018/2019 budget defence organised by the House of Representatives Committee on Financial Crimes, headed by Kayode Oladele.





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