Fraudsters working in banks, aiding corrupt politicians –EFCC

Chairman of the Economic and Financial Crimes Commission,
Ibrahim Magu, has alleged that some fraudsters are currently
working in some of the banks in the country.

Magu, who spoke during a meeting with compliance officers of
different banks in Port Harcourt on Friday, lamented that the
fraudsters were aiding politically exposed and other persons to
commit various financial crimes.

According to him, some politicians use fraudsters working in
banks to launder public funds.

The EFCC boss said apart from helping corrupt politicians to
perpetrate financial crimes, they also commit cyber crime.

According to Magu, MoneyGram and Western Union remain a
veritable platform used by internet fraudsters to dispossess
innocent people of their money.

He said, “The banks also help the politically exposed persons to
steal and launder public funds. You will also agree with me that
the banks give lifelines to internet fraudsters; the one we call
Yahoo boys.

“They (banks) provide market for them through MoneyGram and
Western Union that are readily available. So, this is the reason we
say we must come here. We have to talk. Unfortunately, we have
fraudsters working in the banks; working right inside the
banks.

“They throw confidentiality to the wind and subject people’s
accounts to a lot of intimidation and extortion. We want to put in
our machinery to deal with such fraudulent activities of the
bankers and some law enforcement agencies.

“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 is basically the reason we called
this meeting.

“Journalists are supposed to be corruption fighters and hunters
just like the compliance officers; they are also corruption
fighters and we must all work together to make the fight against
corruption in Nigeria work.”

Magu added, “Money is being laundered and money is being used to
fund terrorism in the country. There are more terrorist activities
in this country. So, it is a good business for them.”

He said the EFCC secured 194 convictions in the last three
months, adding that some of the cases were not filed this year.

Magu said, “The fight against corruption is not for us; it is
for our future generation. Every Nigerian has a duty to fight
corruption. God created us to fight corruption. God did not create
you to cause evil. We must insist the right thing is done
always.”

He said the commission would go after governors having
corruption cases, but were covered by immunity.

“We will go after them; we will not let anybody go,” Magu
said.