The acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has accused some banks in Nigeria, of funding terrorists as well as helping politically exposed persons to steal and launder public funds.
Ibrahim Magu, who spoke at a meeting with compliance officers of various banks in Port Harcourt yesterday, Friday, said that apart from colluding with corrupt politicians and terrorists, some banks also help internet fraudsters to commit financial crimes using money transfer services.
“The banks also help the politically exposed persons to steal and launder public funds. Money is being laundered and money is being used to fund terrorism in the country. There are more terrorists in the country. There are more terrorist activities in the country, so it is good business for them.
“You will agree with me that the banks give lifelines to internet fraudsters, the ones we call Yahoo boys. So this is the reason we must come here. We have to talk. Unfortunately, we have fraudsters working in the banks, working right inside the banks.
“We want to put in our machinery to deal with such fraudulent activities of the bankers and some law enforcement agencies,” he said adding that not even the agency he presides over is free of the bad eggs.
“There are bad eggs among us, even in the EFCC; there seems to be readily available partnership with some fraudulent elements within the bank to perpetrate certain fraudulent activities and money laundering. I think this basically the reason we called this meeting.
