Money Laundering: EFCC Arrests Another Bank Boss


The Economic and Financial Crimes Commission (EFCC) yesterday arrested yet another bank boss, over involvement in money laundering.

First it was Nnamdi Okonkwo of Fidelity Bank, then Yemi Adeola of Sterling Bank. The latest bank Group Managing Director to be paid an unwelcome visit by operatives of the Economic and Financial Crimes Commission is Mr Herbert Wigwe of Access Bank, who was yesterday whisked away from his Lagos office. It is safe to say it has been a bad week for bank bosses.

HERBERT WIGWE 2 bank boss

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The operatives reportedly quizzed Mr Wigwe, regarding funds laundered through the bank by officials of the Nigerian Maritime Administration and Safety Agency (NIMASA).

An operative of the anti-graft agency said that the source of some questionable funds located in the bank was also traced to former Petroleum Minister, Diezani Alison-Madueke. The source disclosed that the Access Bank boss received $5 million that was routed through Zenith Bank.

The present administration, who ran a campaign promising a clampdown on corruption, are mounting an intensive manhunt against corrupt government officials. The last few weeks has seen the anti-corruption crusade shift to the organized private sector with the banking industry the major focus.

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The trace of missing and misappropriated fund has led the authorities to the doorsteps of various banking heavy weights who are accused of being part of a plot to conceal, and facilitate disbursement of funds which were illegally transferred.