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Banks Aiding Corruption, We will Zoom in on them – Magu

by on September 23, 2016
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, has accused banks of aiding corruption in Nigeria.
He said it was unfortunate that some banks encourage looting by creating an “enabling environment” for it.
“The banking sector is creating a fertile ground for corruption,” Magu said in Lagos on Tuesday during an interactive session with the commission’s external lawyers and civil society organisations.
According to him, it appears the banks were telling looters: “Go and steal and we’ll hide it for you,” which he said, must stop.
“We’ll zoom in on the banks. We need to stop them from creating an enabling environment for corruption to thrive,” he said.
Speaking with newsmen on whether the commission would invite the wife of former President Goodluck Jonathan, Patience, for questioning over the $15,591,700 she claims belongs to her, Magu said investigation was ongoing.
“We are on it. You see, we work for the long-term. We must complete out preliminary investigations before we come out with anything,” he said.
Magu told the forum that EFCC sometimes spends nine months investigating a case before inviting suspects for questioning, adding that no one who has stolen public funds would be spared.
“We’ll not spare anybody. We can’t protect anyone from answering to the people. De-termination is key. I believe we’ll go a long way, and that our tomorrow will be better than our today,” he said.
The EFCC chairman said the commission did not characterise all lawyers as “rogues”, saying the statement was misinterpreted.
According to him, just as there were bad eggs within the EFCC, there were also corrupt lawyers. “We can’t just come out and condemn people,” he said.
Magu said EFCC has begun an in-house cleansing to weed out corrupt staff.

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  • iyke
    September 23, 2016 at 8:20 am

    Magu,pls do your work professionally. Talking down banking institution on the media is counter productive. Corrupt money pass through us,UK,swiss and banks all over the world, CIA, FBI and scotyard chiefs have not come on in the media and threaten banks. Its a threat to investors. Banks are business entity and it is not their buiness to identify which deposit is corrupt or not. It is ur duty to identify corrupt money in banks. It is even good that corrupt money are deposited in bank so they can be traced. Or are you encouraging corrupt politician to build safety vault that can not be traced in their houses,which I believe they have the capacity to do. Again, Mr magu,be more civilised with words so that you don’t make mockery of your ability or show signs of personal frustration. May God guide and protect you even as you carry out this difficult national assignment.


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