Provide List Of Corrupt Customers – EFCC’s Magu Tasks Banks


There will be more discipline in the political system as 2019 elections is approaching if the way the Economic Crimes and Financial Commission is beaming its searchlight on the banking sector is anything to go by.

Ibrahim Magu, the acting Chairman has asked banks to provide a list of corrupt customers ahead of the 2019 general elections.

Magu urged compliance officers of banks in Nigeria to be more diligent in their responsibilities, as a way of tackling money laundering and other fraudulent practices in the sector.

He said compliance officers in various banks in Nigeria must also take ownership of the fight against corruption, which he described as one of the problems bedeviling the banking industry.

Speaking during an interactive session with Association of Chief Compliance Officers of Banks in Nigeria, ACCOBIN, in Lagos on Thursday, May 31, 2018, Magu said: “We need to find a common ground to work together. You have a responsibility to fight corruption.

“The Commission is ready to partner with you to ensure a healthy economy. We are ready to assist the banks in recovering their debts, but compliance officers must ensure due diligence, especially when giving out loans to customers.

“I know you sometimes need to protect some of your customers. But it is sometimes better that you do without some of these people; otherwise, you will be seen as conspiring with them to steal public funds.”

He further charged banks’ compliance officers to always provide the Commission with necessary information to assist it in carrying out its responsibilities, adding that “we must work together to save this country. Most of the banks are sitting on water. In fact, some of these banks are almost collapsing.”

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