EFCC Boss Magu accuses banks of aiding looters

The acting Chairman of the Economic and Financial Crimes Commission, Mr. Ibrahim Magu, has accused banks of creating a friendly atmosphere for looters to operate.

He added that some banks were currently behind the moves to separate the Nigeria Financial Intelligence Unit and the EFCC.

Magu further alleged that when the NFIU is established as a separate agency, a former bank managing director would be named as the head of the agency.

In a Facebook post on Friday, the EFCC quoted Magu as saying this while receiving a delegation of the International Monetary Fund, which visited the commission’s head office, Abuja on Thursday.

The Senate had on Thursday passed a bill seeking to establish the Nigerian Financial Intelligence Agency barely a week after it was sponsored in the chamber.

The powers and funding of the EFCC will be greatly reduced should the NFIU be separated from the commission.

Magu said, “I don’t trust the financial institutions. They create an enabling environment for thieves to loot our money. That is why they are fighting to remove the NFIU from us. They want to use a former managing director of a bank to head the NFIU.”

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