Top politician planning to smuggle money into Nigeria – EFCC

The acting Chairman of the Economic and Financial Crimes
Commission, Mr. Ibrahim Magu, says there is a top politician in the
country that is planning to repatriate funds into the country ahead
of next month’s general elections.

Magu said the politician had earlier denied ownership of the
property when attempts were made to confiscate it but the unnamed
person has sold it and is planning on repatriating it to
Nigeria.

The EFCC boss said this at a meeting with the Association of
Chief Conduct and Compliance Officers of Bank in Nigeria on
Thursday.

He, therefore, urged compliance officers to assist the
commission in curbing the inflow of illicit funds by reporting
suspicious transactions to the EFCC.

Magu said, “Foreign properties bought with proceeds of crime are
sold and the proceeds transferred to Nigeria through international
banks as legitimate funds that can be used to finance several
activities including elections.

“Recently we have received intelligence report from a sister
agency in another country informing us of a top Nigerian politician
who has sold his property in that country and intends to repatriate
the proceeds of the sale of the property to Nigeria. This same
individual had earlier denied ownership of the said property.

“Goods bought with proceeds of crime abroad are sent to Nigeria
to support empowerment programs during elections periods. The goods
are mostly cleared with deficient trade documents processed through
the international banks.”

Explaining how money laundering is done, Magu said corrupt
persons move the proceeds of crime earlier taken across border to
neighbouring countries back to Nigeria by depositing such funds in
banks with corresponding banking relationship with local banks in
Nigeria.

He said these funds can be used to finance elections in the
country by physical distribution of the funds for political
inducement or financing empowerment schemes to solicit votes from
citizens.

The EFCC boss said private bankers for international banks
facilitate the movement of proceeds of crime through physical
movements of cash to the country via charted airlines.

Magu added, “International banks facilitate the purchase of
assets such as airlines from foreign jurisdictions that are brought
to the country for elections purpose.”

He said the anti-graft agency would do everything to check vote
buying but added that this could only be attained through the
cooperation of all stakeholders.

The EFCC boss added, “While vote buying is subject to
punishment, the attainment of compliance to this legal obligation
remains the challenge and it is our responsibility to prevent these
crimes. We have come to realise that political inducement has now
taken other forms and tagged in different names, i.e. Stomach
Infrastructure, empowerment schemes, non-interest yielding loans,
outright cash handouts etc. this inducements take place during or
before the day of the elections, which makes it rather difficult
for law enforcement agencies to track.

“Because you are the gate keepers, you must keep your eyes open
to this inducement schemes, your obligations are not different from
your usual filing of suspicious transactions reports to the
relevant authorities, and the prompt filing of currency transaction
reports as well as foreign transaction reports.”