Top politician planning to smuggle money into Nigeria – EFCC

Doosuur Iwambe, Abuja

The acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, has revealed that there is a top politician in the country that is planning to repatriate funds into the country ahead of the general elections. Speaking during a meeting with the Association of Chief Conduct and Compliance Officers of Banks in Nigeria, on Thursday, Magu urged compliance officers to assist the Commission in curbing the inflow of illicit funds by reporting suspicious transactions to the EFCC. Magu said that the politician had earlier denied ownership of the property when attempts were made to confiscate it but the unnamed person has sold it and is planning on repatriating it to Nigeria. “Recently we have received intelligence report from a sister agency in another country informing us of a top Nigerian politician who has sold his property in that country and intends to repatriate the proceeds of the sale of the property to Nigeria. This same individual had earlier denied ownership of the said property. “Goods bought with proceeds of crime abroad are sent to Nigeria to support empowerment programmes during elections periods. The goods are mostly cleared with deficient trade documents processed through the international banks”, Magu said. Explaining how money laundering is done, Magu said corrupt persons move the proceeds of crime earlier taken across border to neighbouring countries back to Nigeria by depositing such funds in banks with corresponding banking relationship with local banks in Nigeria. He said these funds can be used to finance elections in the country by physical distribution of the funds for political inducement or financing empowerment schemes to solicit votes from citizens. The EFCC boss said private bankers for international banks facilitate the movement of proceeds of crime through physical movements of cash to the country via charted airlines. Magu added:-, “International\ facilitate the purchase of assets such as airlines from foreign jurisdictions that are brought to the country for elections purpose.” The EFCC boss further called for collective responsibility to make the system work as well as ensure that criminals are not given the chance to take over government and by extension the economy of the country. “Whatever you do wrong or allow today may come back to haunt you. Be rest assured that, we on our part are committed to investigate and prosecute anybody or institution found breaching the provisions of the law but in the same vein we will work with you if you desire to partner with us”.