Magu accuses 10 unnamed commercial banks of money laundering.

The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has accused 10 unnamed commercial banks of money laundering.

Magu stated this, while speaking at a round table meeting with managing directors of financial institutions in Nigeria.

He said: “It is worrisome to note that in 2018, statistics available to the EFCC shows that out of about 28 commercial banks in Nigeria, 10 banks evacuated out of Nigeria through Travelex Nigeria Limited the sums of GBP– 50,832,560; USD-8,057,756; EURO-39,986,560 and RAND-7,500,000.

According to Magu, intelligence reports have shown that banks are aiding their customers to receive foreign financial inflows to their accounts in neighboring countries, where they have branches like Ghana, Republic of Niger and other West African countries.

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