EFCC: Looters Now Hiding Cash In Unbelievable Places. See Where…


Acting Chairman of the Economic and Financial Crimes Commission has revealed that as a result of the ongoing anti-corruption war, looters are now hiding their stolen monies in unbelievable places instead of banks.

The EFCC acting chairman, Ibrahim Magu made the shocking disclosure that looters have stopped keeping money in banks and have resorted to hiding cash in their abandoned properties and uncompleted buildings in order to avoid being caught by the ant-graft agency.

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The EFCC Chief made this know while speaking at a workshop entitled, the ‘Role of Professionals in the Fight Against Corruption’ in Abuja on Friday.

Mr Ibrahim Magu said corrupt persons are now afraid of using banks and other financial institutions.

Looters Now Hiding Cash Away – EFCC Boss

“People are now scared of keeping monies in banks, as it can be traced easily. Monies are now kept in abandoned houses in the country.”

The EFCC Chief noted that the anti-graft agency will begin prosecution of operators of Bureau De Change’s in order to curb money laundering.

Mr Magu urged bureau de change operators, banks and other financial institutions to desist from collaborating with looters to launder money.

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He said,

“BDCs move billions of naira in a day and there is no proper documentation of money laundered. I appeal to the BDCs to stop that, as we will begin to prosecute bureau de change operators to serve as a deterrent. Bankers are also involved in corrupt acts, as they don’t carry out due diligence.

“Instead of conniving with people to launder the proceeds of corruption, I beg you to join hands with the EFCC to fight corruption.

“Many professionals celebrate criminality by doing a lot to foster corruption, which adds more to money laundering. I don’t intend to criticise the work of professionals, but to solicit their support in order to make Nigeria better for the younger generation.”

He called on professional institutions to key into the fight against corruption, saying that the EFCC will soon be going after accounting firms that collaborate with bankers to loot government funds.


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