#NigeriaDecides: EFCC Boss, Ibrahim Magu Warns Banks Against Suspicious Transactions

NigeriaDecides: EFCC Boss, Ibrahim Magu Warns Banks Against Suspicious Transactions

The Acting Chairman of EFCC, Ibrahim Magu on Friday, February 15,
advised Compliance officers of banks to report suspicious transactions
to the EFCC as the general elections commence.

Magu stated this during a meeting with compliance officers of various banks in Benin City, Edo State on Friday.

Magu who was represented by Mailafia Yakubu, Benin Zonal Head of the
Commission said based on information at the disposal of the Commission,
politicians may want to use banks for illicit transactions before,
during and after the elections. “Once the transaction is above the
stipulated treashold, you have a duty to report to us. We want to warn
you not to be used by politicians. So be circumspect, ” he said.

The acting chairman also warned the bank officials to desist from
disclosing information to suspects wanted by the Commission who operates
accounts with them.

He explains: “there were times that the Commission requested banks to
place no debit on some accounts; instead of doing that, you call the
suspects and say come and withdraw your money because the EFCC want to
PND your account. We want to tell you that we are watching you. You have
to stop it or face prosecution, ” he stated.

It will be recalled that the Commission had on Thursday, February 14,
2019 similarly warned operators of Bureau De Change in the city of
antics of politicians who may want to engage in vote buying through
illicit transactions.