The Nation Newspaper

Tag: Magu

  • Magu urges youths to break cycle of corruption in Nigeria

    Magu urges youths to break cycle of corruption in Nigeria

    Former Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has called on youths to take the lead in efforts to break the cycle of corruption in Nigeria.

    Speaking at the gala night of the National Industrial Manpower Summit 2025 held at the Banquet Hall of the State House, Abuja, on Wednesday, Magu affirmed that corruption remains the single greatest threat to the country’s development.

    According to him, young Nigerians must choose integrity over impunity to build a new nation.

    “Corruption is not just a government issue — it is a cultural issue. And it is up to you to break the cycle,” Magu told the gathering of youth delegates, industry leaders, and civil society stakeholders, among others, at the event themed “Manpower Development – The Bridge Between Potential and Productivity.”

    The former anti-graft czar stressed that corruption undermines Nigeria’s development efforts and that “we must confront the bitter truth: Corruption remains the single greatest threat to manpower development in Nigeria.

    Read Also: Ambition clouded reasoning of some defectors, says Damagum

    “When a nation invests billions in education but classrooms remain empty and under-equipped, corruption is at work. When our brightest minds leave the country, not because of a lack of talent but a lack of opportunity, corruption is to blame.”

    Magu, who served as acting EFCC chairman from November 2015 to July 2020, warned that corruption’s impact extends beyond financial losses to the spirit of the nation’s youth.

    “Let me be clear: Corruption kills innovation. It kills hope. And worst of all, it kills the spirit of the Nigerian youth,” he stated.

    The retired Assistant Inspector-General of Police (AIG), however, expressed faith in Nigeria’s young generation. He said the youths have resilience by continuing to fend for themselves rather than waiting for assistance.

    “I have seen firsthand that our youth are not weak. They are not lazy. They are not waiting to be rescued,” Magu said.

    “They are ready to lead. They are building tech startups in Yaba, running farms in Nasarawa, driving fashion empires in Aba, and developing mobile apps in Kaduna.”

    He challenged the youth to embrace their role as change agents, telling them: “You are the bridge. You are the ones who will take Nigeria forward — if you refuse to cut corners, if you choose integrity over impunity, and if you understand that true leadership begins with character.

    “What they need — and what they deserve — is a system that is clean, fair, and just. A system where success is built on merit, not manipulation. A nation where hard work is rewarded and corruption is punished.”

    Magu added, “If manpower is the engine of national development, then anti-corruption is the oil that keeps that engine running. We must do more than just train our people — we must protect the systems that ensure their training leads to impact.”

    He called for comprehensive reforms, including transparent recruitment processes, efficient and accountable education spending, protection for whistleblowers and reformers, and recognition for those who stand for integrity in both public service and private industry.

    At the event, Magu also expressed gratitude to President Bola Tinubu for his leadership and commitment to youth empowerment.

    “Your Excellency, your dedication to youth empowerment, skills development, and institutional strengthening is not going unnoticed. Through your Renewed Hope Agenda, you are giving the next generation a reason to believe again,” he said.

    Magu urged the gathering to make the event a turning point for Nigeria: “Let tonight be more than a gala. Let it be a turning point. Let it mark the beginning of a new era where Nigerian manpower is not only developed but deployed, protected, and honoured.

    “I believe in Nigeria. I believe in her youth. I believe the future is not far — it is here, it is now, and it is ours to shape.”

    During his tenure at the EFCC, he oversaw the conviction of 603 Nigerian officials on corruption charges.

  • Institute honours ex-EFCC chair, Magu over role in P&ID case

    Institute honours ex-EFCC chair, Magu over role in P&ID case

    Former Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on Saturday received the highest honour of doctoral fellowship of the Institute for Governance and Leadership Studies in Africa (IGLSA).

    Governor of Yobe State, Mai Mala Buni also received the doctoral fellowship from the institute.

    According to the institute, Magu’s selection was in line with the role he played in the landmark victory at the Commercial Court of England and Wales which stopped the enforcement of an $11.5 billion P&ID Limited arbitration award against Nigeria.

    It will be recalled that the EFCC under Magu’s leadership had challenged the arbitration award against Nigeria over a failed 2010 deal to develop a gasoline processing plant within the country.

    Speaking to journalists at the investiture on Saturday in Abuja, the Director-General of the Institute, Lanre Adebayo,  explained that deserving Nigerians, including some serving governors with quality leadership styles and friends of Nigeria would be conferred with doctorate, fellowship and membership of the institute.

    Read Also: Police intensify search for alleged DPO killer, 2Baba, arrest second-in-command

    He said a major governance challenge which has undermined development in Africa was corruption which has arrested development and undermined quality service delivery. 

    “A major governance challenge which has undermined development in our Continent is the issue of corruption which has arrested development and undermined quality service delivery. In our view, corruption is a result of leadership failure and weak governance institutions. The recent P&ID case which was decided in favour of Nigeria is a classical example,” he said.

    Others who received full Fellowship are: Folu Olamiti; Dr. Aliyu Ibrahim, office of the SGF; Dr. Abdulrazaq Garba, DG. National Geological Survey Agency; Hajia Maryam Yunusa Danjaki DG Amalgamated APC Support Groups; Dr. Jerry Wohu, Special Adviser to the Speaker, House of Rep and Alhaji Nazir Song, MD, Takaful Insurance Ltd.

    The IGLSA is an independent, multi-disciplinary Think-Tank approved organisation by the Federal Ministry of Education and chartered by the Corporate Affairs Commission as a Company Limited by Guarantee (LTD/GTE).

  • Breaking: Court orders substituted service on Ag EFCC Chairman

    An FCT High Court in Apo, on Tuesday granted leave for substituted service on the acting Chairman of the Economic And Financial Crime Commission (EFCC), Ibrahim Magu.

    Justice Silvanus Oriji , gave the order substituted service, after listening to the submissions of Chief Mike Ozekhome ,SAN, counsel to an Abuja-based lawyer, Monday Ubani and a former Senator, Christopher Enai.

    Oriji had on March 26, granted leave to an exparte motion filed by Ozekhome to charge Ubani and Enai to court or release them on bail on or before March, 28.

    The judge held that the court had the power to make an order for substituted service of the process where it appears that prompt service cannot be conveniently effected.

    ”In exercise of the power of the court under Order 7 rule 11, I grant this motion,” he said.

    He said since the bailiff, Ishaya Markus, was denied access to Magu by the armed security personnel at his office at the EFCC Headquarters.

    Ozekhome said that the operatives told the bailiff that he can only see Magu on invitation.

    Ozekhome, in the motion exparte prayed the court to order form 48 and 49 be served on any officer at the mail registry of the Chairman of the EFCC and legal Department at Headquarters in Jabi.

    He also prayed an order of the court by posting same at the gate of the head office of EFCC.

    Ubani, a former President of the Nigerian Bar Association (NBA) Ikeja branch and Enai, ex-senator representing Bayelsa were invited and detained by the EFCC operatives on March,19.

    The applicants were detained for standing as sureties for Ngozi Olejeme, who once served as the Chairman of the Nigeria Social Insurance Trust Fund from 2009 to 2015.

    They are still yet to be charged to court by the EFCC

  • N1.3trn stolen in four years by 32 entities—Magu

    The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu on Monday said public funds stolen by 32 entities (human and corporate) between 2011 and 2015 was well over N1.3 trillion.

    Magu disclosed this in his keynote address at the opening ceremony of the 2019 First Batch Conversion Training Programme to Procurement Cadre for Federal Parastatal and Agencies, organised by the Bureau of Public Procurement (BPP) in Lagos on Monday, March 25, 2019.

    In the paper delivered on his behalf by the Commission’s Secretary, Ola Olukoyede, Magu decried this huge financial loss on the country.

    He said: “One third of this money, using world bank rates and cost, could have comfortably been used to construct well over 500km of roads; build close to 200 schools; educate about 4000 children from primary to tertiary levels at N25million per child; build 20,000 units of two-bedroom houses across the country and do even more.

    “The cost of this grand theft, therefore, is that these roads, schools and houses will never be built and these children will never have access to quality education because a few rapacious individuals had cornered for themselves what would have helped secure the lives of the future generations, thereby depriving them of quality education and healthcare, among others.”

    He said the poor state of procurement process in Nigeria was one of the major reasons why corruption has continued to thrive in government agencies and parastatal.

    He identified some of the fraudulent practices in procurement process in Nigeria to include: kickbacks, conflict of interests, fraud in the bidding process, bid suppression, collusive bidding, bid rotation and market division.

    Others, according to him, are: co-mingling of contracts, change order abuse, cost mischarging, defective pricing, false statement and claim, phantom vendors, product substitution, unnecessary purchases and purchases for personal use or resale.

    Magu expressed confidence that Nigeria still has patriotic and credible individuals who would do all within their abilities to uphold the credibility and honesty required for leadership in public offices.

  • EFCC warns tribunal judges, lawyers against stolen funds

    Economic and Financial Crimes Commission ( EFCC ) Acting Chairman Ibrahim Magu Thursday warned judges and lawyers involved in election petition tribunals against money laundering.

    He said they must not allow the influence of money and other inducements to hamper the process and determine the outcome of petitions.

    Magu, in a statement, noted that many judges wrongly see Election Tribunals and Appeal Panels as potential gold mines.

    He said some of them even desperately lobby to be included as members.

    “Consequently, we want to remind all lawyers, judges, elected public officials and members of the wider society not to use the Election Petition Tribunals as conduits for siphoning public funds because there is a huge price to pay for such.

    “The EFCC has the statutory powers to monitor, track, investigate, arrest and prosecute such and other offences.

    “Our Commission shall exercise such powers throughout this election period and beyond in the interest of building a corrupt-free democratic society where probity and accountability are enthroned for good governance.

    “The guiding principle of the EFCC on this matter is simple and straightforward: the right of choice of Nigerian voters is sacrosanct, and justice is not for sale,” Magu said.

    According to Magu, all lawyers and judges at the Tribunals have a responsibility to dispense justice without inducement, fear or favour.

    He said with the international community watching, Nigerians have a patriotic duty to act responsibly, and portray a good image for Nigeria.

    “The principal actors at the Tribunals comprising petitioners, defendants, lawyers and judges have greater roles to play in this than the rest of us.

    “The EFCC wants to strongly state that the rights of Nigerian voters to freely choose their leaders are sacrosanct and that their choice should not be thwarted on the altar of corrupt material inducement by anyone,” Magu said.

    Urging Nigerians to come out enmass to vote tomorrow, Magu said elections are the only way they can collectively build a free, stable and prosperous democratic society for the benefit of all citizens.

    The statement adds: “As a law enforcement agency, our first duty is to advice all parties in the electoral process to abide by all rules and regulations of the electioneering process.

    “This advice is necessary, because, following the conclusion of the elections held last week; the battleground is now shifting to the courtrooms for election litigations.

    “This will be more so when the Gubernatorial and State Assembly Elections are held this weekend.

    “In anticipation of the flood of petitions that may be received at the end of the elections, the Acting Chief Justice of Nigeria, Justice Ibrahim Muhammad, has already sworn in the members of the Election Petition Tribunals on 26th January 2019.

    “As the Tribunal members get set to begin handling complaints from aggrieved parties and contestants, millions of Nigerians are placing high expectations on its just and fair outcome.

    “Hence, the EFCC has the responsibility of reminding all those that may be involved in the litigations that the courts are temples of justice where only the facts of the case(s) should determine the outcome.

    “Deploying monetary and other non-monetary externalities will be a fruitless and harmful exercise that must be avoided by all means.

    “Beside contestants, the attention of members of the Bar and Bench, and other stake holders, is hereby drawn to the dangers and perfidy of allowing the corrupting influence of money and other inducements to influence the process and determine the outcome.

    “This is necessary, because, many Judges wrongly see Election Tribunals and Appeal Panels as potential gold mines, desperately lobbied and continue to lobby, to be included as members.

    “Some ‘smart’ judges lobby and salivate to be posted to states, criminally conceived as the juiciest gold mines.

    “This uncontrolled and suicidal temptation of acquiring undue riches overnight is already enticing and trapping a certain number of lawyers and Judges with possible prosecution and certain professional ruin.

    “Therefore, all lawyers, judges, state governors, top government officials, politically-aligned businessmen and other stakeholders should be wary of this undesirable and ignominious fate.

    “The Tribunals should be allowed to operate in accordance with due process, devoid of using illicit monies and means to negatively influence the course of justice.

    “The EFCC possesses ample information on how the perversion of justice with ill-gotten money is initiated, organised and executed by individuals and groups within the political, bureaucratic and judicial systems of the nation.

    “The EFCC also possesses information on how the beneficiaries of corrupt monies receive, hide, transfer and invest the loot at home and abroad in order to conceal their true source.

    “We want to make it clear that, in this day and age of the information technology, international legal instruments and Mutual Legal Assistance between countries across the globe, there is no hiding place for corruption and money laundering no matter how witty or crafty the perpetrators may be.”

    Magu cited an example of a money laundering case that arose from a previous election.

    “After the 2015 elections, a gubernatorial candidate from one of the South-South states hired the services of a lawyer (SAN) to file a petition at the Election Tribunal over the outcome of the election.

    “When he was eventually sworn into office, he paid an astronomical and heart-wrenching N1.4 billion to the lawyer from the coffers of the state for ‘services’ rendered before he became governor.

    “The EFCC was following the money trail and discovered that a large part of the sum was diverted and shared between several accomplices, all of whom are now standing trial at the Federal High Court for violating the provisions of the Money Laundering Act 2011.

    “I conclude by recalling what Chief Robert Clarke, SAN, said recently on the centrality of the judiciary and corruption to our nation’s quest for survival.

    “He said: ‘Corruption has eaten deep everywhere in Nigeria, and if corruption creeps into the judiciary that is the end of the nation.’ This is a warning we must all take very seriously,” Magu said.

  • Magu: Looters now stash funds in Seychelles, South Africa, Niger, Ghana

    The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, yesterday said looters now stash illicit funds in Ghana, Egypt, Cameroon, South Africa, Niger Republic, Morocco and other African countries.

    He said the preferred destinations for looters had traditionally been the United Kingdom, United States, Switzerland, Luxembourg, and Seychelles, but they are now expanding fast to African countries.

    Magu made the disclosure at the signing of a Memorandum of Understanding (MoU)  between EFCC and its Nigerien counterpart, the High Authority Against Corruption and Relating Crimes( HALCIA), in Niamey.

    He said: “From available intelligence and our investigations, it has been revealed that looters from Nigeria now go to Ghana, Egypt, Cameroon, South Africa, Equatorial Guinea, Niger Republic, Morocco, Seychelles and so on, to stash their loots.

    “This has led to sharp increase in the number of Nigerians buying properties in African countries.

    “Nigerians even go to the extent of changing their names and acquiring the destination countries’ international passports in collusion with corrupt public officers in their countries of residence in order to hide their identities and evade detection,” he said, adding that, “the fight of the EFCC against looters’ safe havens is total.”

    The EFCC boss further disclosed that his visit to Niger was part of his ongoing tour at mobilising international effortsto deny looters safe haven abroad.

    He said: “We have already visited Ghana and Cameroun, today we are in Niger Republic and we will continue to reach out to other preferred looters destinations in Africa and beyond. Interestingly, the efforts of the Nigerian Government to trace, recover and return assets stolen from Nigeria coupled with our increased advocacy to discourage safe havens have begun to yield results.

    “It is my conviction that our collaborative efforts will go a long way in eliminating safe havens. In fact, this is in tandem with renewed global commitment by countries to shut their doors to stolen funds.

    “I also want to call for conscious measures to sanitize and strengthen the legal framework so as to make it difficult for looters to transfer illicit funds to Niger Republic for investment or whatever purpose.”

    Magu called on the global community to redouble its efforts towards strengthening the mechanisms for dismantling safe havens for proceeds of corruption.

    He also called on the international community to ensure the return of stolen funds and assets to their countries of origin.

    According to a statement by the Acting Head of Media and Publicity of EFCC, Tony Orilade, the MoU will strengthen the collaborative efforts between the EFCC and its Nigerien counterpart.

    Section seven of the MoU captures how the parties will exchange information, including those which are necessary to achieve its objectives.

    According to the section, “The parties will exchange information in accordance with this Memorandum of Understanding in conformity to the relevant laws of Niger and Nigeria relating to the protection of privacy and confidentiality.”

    To help the Commission take its fight against corruption to Nigerians looters who have found safe haven in Niger Republic, Magu made a five-point appeal to the President of Niger Republic, which are as follows:

    (i) Identifying huge cash in the financial system owned by Nigerians to enable us find out if they are looted funds/proceeds of crime.

    (ii) Identifying the numerous properties owned by Nigerians including the details of the owners in order to enable the Commission ascertain if such Nigerians acquired the properties from looted funds/proceeds of crime

    (iii) Stopping moves by persons who plan to move funds at this period through the usual medium to destabilize the political stage in Nigeria.

    (iv) Increased clamp down on Nigerians who are involved in cyber-crime and handing over their details to us for further necessary action.

    (v) Assisting the EFCC in the arrest of persons on the wanted list of the Commission who absconded to Niger Republic due to the free movement granted to citizens of the ECOWAS states.

    The EFCC boss praised President Muhammadu Buhari for his support to the Commission, noting that “Nigeria is ready and willing to partner with international agencies and individual countries on bilateral basis to confront crimes and corruption.”

    While meeting with the parliamentarians, at the Assemblee Nationale, Magu told the second Vice President, Mohamadou, that, there was the need to rework existing legislations in Niger to help strengthen anti-corruption fight in the country.

    He also noted the need for the country to domesticate the United Nation’s Convention Against Corruption (UNCAC) in order to make its meaning and impact bear on the lives of the country’s citizens.

    While decorating the Nigerian Ambassador to Niger Republic, Ambassador Haliru and all the embassy staff with the EFCC lapel, Magu urged them to acknowledge the anti-corruption fight as a collective one.

    “Whether you are at home in Nigeria or in the Diaspora, you need to make your contribution. Add your voice to the crusade against corruption. The fight is real. Don’t also forget that corruption is fighting back, but together, we shall win,” he said.

    Ambassador Haliru, in turn, praised the EFCC boss for his zeal and passion for the job. “We are hearing and seeing all your achievements in the fight against corruption. We are praying to God Almighty to give you good health and long life to confront the corrupt”.

    For the President of HALCIA, Abdourmane Gousmane, there is no better time than now for stronger collaboration between Nigeria and Niger Republic in the fight against corruption.

    “We are ready and willing to partner with Nigeria. Nigeria has the experience and the human capacity and with President Muhammadu Buhari, who is a renowned anti-corruption icon, we have no choice than to leverage on Nigeria for capacity building in taming the corruption monster,” Gousmane said.

    One of the side attractions of the visit was Gousmane’s presentation of a horse as a special gift to Magu.

  • Looters devising new tactics to escape arrest, says Magu

    ECONOMIC and Financial Crimes Commission (EFCC) Acting Chairman Ibrahim Magu said yesterday that those, who plundered the nation’s commonwealth have devised new tactics of escaping arrest.

    According to him, the anti-graft agency has discovered that some bank officials have been colluding with politicians to engage in illicit financial flow.

    Magu, who spoke in a solidarity message to the 12th Delegate Conference of the Nigeria Labour Congress (NLC), said the more the commission moved to address corruption, the more those involved in corruption devised new strategies.

    According to him, EFCC’s collaboration with foreign partners was yielding positive results.

    He said with the Memorandum of Understanding (MoU) signed with the United Arab Emirates (UAE), the commission has been able to trace several assets illegally kept in the Arab nation.

    The MoU, he explained, was in addition to several other strategies the agency deployed in carrying out its mandate of ridding Nigeria of corruption.

    Magu, who was represented by a director Dr. Aminu Gusau, said: “In our various investigations, we have unearthed the collusion of bank officials and those of non-designated financial institutions, with corrupt politicians in the country, which have brought about an increase in the instances of illicit financial flows into and out of Nigeria.

    “We have realised that the more we spread our tentacles far and wide, even beyond the shores of Nigeria, to catch and bring to book those who have corruptly enriched themselves from the commonwealth, the more we are discovering, the more the corrupt-minded folks evolve new techniques.

    “The NLC has been a longstanding partner of the EFCC, particularly under the leadership of Comrade Ayuba Wabba. The NLC has partnered with the EFCC at various events, anti-corruption walk, among other interactive forum, strategically designed by the EFCC, to strengthen our partnership with critical stakeholders, like the NLC, in the fight against corruption.

    “These collaborations with Labour and other civil society groups, are hinged on the realisation that the EFCC cannot single-handedly confront the monster that corruption has become in our society.

    “It is a fact of life, that a single finger cannot lift the load off the ground; such effort requires the use of all the fingers of the two hands, to achieve such an action.

    “Invariably, one major purpose why I am here is to further goad the NLC to unite with the EFCC in the fight against corruption. The task of fighting corruption is a collective responsibility that has been given to each and every one of us. I have said it severally, and I want to state again that we at the EFCC do not claim or pose to have the monopoly of knowledge or the knowhow in this national assignment of fighting corruption.

    “However, with your support and the goodwill of all Nigerians, our painstaking and broad-based approach will definitely yield results. Only recently, I was in Ghana as part of this concerted effort of beaming our high-tension searchlight beyond the borders of Nigeria. What we discovered is no doubt staggering and mind-boggling.

    “Corrupt politicians have widened the circles of their corrupt activities by investing them in other African countries, so that in the long run, they sell them and deploy ways of repatriating them to Nigeria, even in the buildup to the election.

    “But, by and by, we are also stepping up our game to combat and nip in the bud, new tactics being deployed to fraudulently divert and misappropriate funds meant for the welfare and good of all Nigerians. We have signed a Memorandum of Understanding (MoU) with the Economic and Organised Crime Office in Ghana, the Ghana Financial Intelligence Centre and the Ghana Police Service to ensure that we keep track of such illicit inflow and outflow of suspicious funds.

    “Our MoU with the UAE is also very much in effect as we have been able to trace several assets illegally kept there. This is in addition to several other strategies that we have deployed in carrying out our mandate of ridding Nigeria of corruption. We remain unrelenting, undaunted and unbowed.

    “We have also engaged with operators of financial institutions, as well as non-financial institutions.

    “Only last week in Lagos, l was at the general meeting of the Association of Chief Conduct and Compliance Officers of Banks in Nigeria.

    “In our various investigations, we have unearthed the collusion of bank officials and those of non-designated financial institutions, with corrupt politicians in the country, which have brought about an increase in the instances of illicit financial flows into and out of Nigeria.

    “It, therefore, became pertinent to call them to order and charge them to see themselves as partners in the fight for the common good of all Nigerians.

    “On our part, we are keenly monitoring the movement of cash in the system, and are awake to our responsibility of ensuring that provisions of the Electoral Act, 2010 are strictly adhered to, especially as it relates to election funding, and the now worrisome incidents of vote-buying.

    “Indeed: we need a new Nigeria. The dream of ensuring a national re-birth and development of the Nigerian economy and the country’s image in the international community is not a day’s affair; we have a collective responsibility in uniting against corruption; with unity of purpose, we shall attain in our lifetime, the future that we desire for the generation yet unborn.”

  • Poll: Magu warns bankers on politicians repatriating stolen funds

    Banks got a stern warning yesterday not to collude with politicians who are repatriating stolen funds for the general elections.

    Economic and Financial Crimes Commission (EFCC) Acting Chairman Ibrahim Magu said the Commission was aware that a top politician who sold a choice property abroad planned to repatriate the proceeds for electoral inducement.

    Magu gave the warning in Lagos at a session with the Association of Compliance Officers.

    In the text of his speech which was released to reporters in Abuja, he urged bankers to stop laundering funds for politicians.

    He said:  ”I deem this forum as very important to serve as a means to communicate to you the observations of the EFCC on the various activities of financial institutions and the deliberate connivance and collusion of most of the banks in laundering illicit funds for criminals as well as politicians.

    “We are not ignorant of the prevailing electioneering activities going on in the country today and the efforts being made by many politicians who had stolen our commonwealth to repatriate to Nigeria these stolen funds for the purpose of influencing the elections through vote buying and compromise of electoral officers to do their bidding, as well as engage in various other illicit activities calculated to undermine the integrity of the elections.

    “The impact of allowing these elements to compromise our elections will be grievous, and devastating, we must as such and as a matter of urgency team up together to ensure that these elections are not compromised in any form or manner.

    “We are all under a civic duty to comply with our various responsibilities and ensure that we do the needful to obey the laws and regulations governing the elections.”

    The EFCC chairman spoke on the “desperate” methods being employed by some politicians to repatriate illicit funds into the country.

    He said the anti-graft commission had received an intelligence report on how a top politician sold a property abroad to finance elections at home.

    He said: “Foreign properties bought with proceeds of crime are sold and the proceeds transferred to Nigeria through international banks as legitimate funds that can be used to finance several activities, including elections.

    ”Recently, we 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. The goods are mostly cleared with deficient trade documents processed through the international banks.

    “Moving 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…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.

    “Private bankers for international banks facilitate the movement of proceeds of crime i.e. physical movements of cash to the country via chartered airlines in the guise of the bank.”

    Magu said that the inducement of voters attracts a 12-month imprisonment or a fine of N100, 000.

    He remind his audience of the provisions of the Nigerian Electoral Act, 2010, Article 130, provide that:

    ”A person who corruptly by himself or by any other person at any time after the date of an election has been announced, directly or indirectly gives or provides or pays money to or for any person for the purpose of corruptly influencing that person or any other person to vote or refrain from voting at such election, or on account of such person or any other person having voted or refrained from voting at such election; or

    “Being a voter, corruptly or takes money or any other inducement during any of the period stated in paragraphs (a) of this Section, commits an offence and is liable on conviction to a fine of N 100,000.00 or 12 months imprisonment or both.”

    Read also: Why restructuring is key to unity, by Akinrinade

    The EFCC chairman pleaded with compliance officers to serve as responsible gatekeepers by reporting suspicious transactions.

    He said: “While vote buying is subject to punishment, the attainment of compliance to this legal obligation remains the challenge and it is our responsibility to prevent these crimes.

    “We have come to realise that political inducement has now taken other forms and tagged in different names, i.e. stomach infrastructure, empowerment schemes, non-interest yielding loans, outright cash handouts etc.

    “These inducements take place during or before the day of the elections, which makes it rather difficult for law enforcement agencies to track.

    “Because you are the gate keepers, you must keep your eyes open to these inducement schemes. Your obligations are not different from your usual filing of suspicious transactions reports to the relevant authorities, and the prompt filing of currency transaction reports as well as foreign transaction reports.

    “We have also observed the upsurge of illicit financial flows into the country through the borders and it is disheartening to see the role financial institutions play in either facilitating the flows of these funds into the country.”

  • Magu warns bankers, says politicians now repatriate stolen funds

    …EFCC uncovers how top politician sold property abroad for general elections—Magu

     

    The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu on Thursday warned compliance officers in banks against colluding with politicians who are repatriating stolen funds for general elections.

    He said the EFCC has uncovered a top politician who sold a choice property abroad with plans to repatriate the proceeds for electoral inducement.

    He asked the officers to report suspicious transactions in a timely manner to anti-corruption agencies.

    Magu gave the warning in Lagos at a session with the Association of Compliance Officers.

    In the text of his speech which was released to newsmen in Abuja, he urged bankers to stop laundering funds for politicians.

    He said: “I deem this forum as very important to serve as a means to communicate to you the observations of the EFCC on the various activities of financial institutions and the deliberate connivance and collusion of most of the banks in laundering illicit funds for criminals as well as politicians.

    “We are not ignorant of the prevailing electioneering activities going on in the country today and the efforts being made by many politicians who had stolen our commonwealth to repatriate to Nigeria these stolen funds for the purpose of influencing the elections through vote buying and compromise of election officers to do their bidding, as well as engage in various other illicit activities calculated to undermined the integrity of the elections.

    “The impact of allowing these elements to compromise our elections will be grievous, and devastating, we must as such and as a matter of urgency team up together to ensure that these elections are not compromised in any form or manner.

    “We are all under a civic duty to comply with our various responsibilities and ensure that we do the needful to obey the laws and regulations governing the elections.”

    The EFCC chairman spoke on the desperate methods being employed by some politicians to repatriate illicit funds into the country.

    He said the anti-graft commission has received an intelligence report on how a top politician sold a property abroad to finance elections at home.

    He said: “Foreign properties bought with proceeds of crime are sold and the proceeds transferred to Nigeria through international banks as legitimate funds that can be used to finance several activities including elections.

    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 programs during elections periods. The goods are mostly cleared with deficient trade documents processed through the international banks.

    “Moving 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. “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.

    “Private Bankers for international banks facilitate the movement of proceeds of crime i.e. physical movements of cash to the country via charted airlines in the guise of the Bank.

    “International Banks facilitate the purchase of assets such as airlines from foreign jurisdictions that are brought to the country for elections purpose.

    Magu said inducement of voters attracts a 12-month imprisonment or a fine of N100, 000.

    He added: “Let me remind you that the provisions of the Nigerian Electoral Act, 2010, Article 130, provide that:

    “A person who- Corruptly by himself or by any other person at any time after the date of an election has been announced, directly or indirectly gives or provides or pays money to or for any person for the purpose of corruptly influencing that person or any other person to vote or refrain from voting at such election, or on account of such person or any other person having voted or refrained from voting at such election; or

    “Being a voter, corruptly or takes money or any other inducement during any of the period stated in paragraphs (a) of this Section, commits an offence and is liable on conviction to a fine of N 100,000.00 or 12 months imprisonment or both.”

    The EFCC chairman pleaded with compliance officers to serve as responsible gatekeepers by reporting suspicious transactions.

    He said: “While vote buying is subject to punishment, the attainment of compliance to this legal obligation remains the challenge and it is our responsibility to prevent these crimes.

    “We have come to realize that political inducement has now taken other forms and tagged in different names, i.e. Stomach Infrastructure, empowerment schemes, non-interest yielding loans, outright cash handouts etc.

    “These inducements take place during or before the day of the elections, which makes it rather difficult for law enforcement agencies to track.

    “Because you are the gate keepers, you must keep your eyes open to these inducement schemes, your obligations are not different from your usual filing of suspicious transactions reports to the relevant authorities, and the prompt filing of currency transaction reports as well as foreign transaction reports.

    “We have also observed the upsurge of illicit financial flows into the country through the borders and it is disheartening to see the role financial institutions play in either facilitating the flows of these funds into the country.

    “It is obvious now that financial Institutions serve as intermediaries between law enforcement agencies and the criminals, at a simple push of the button so much is moved to any jurisdiction of their choice.

    “It is a known fact that no country can combat the flow of illicit funds without the cooperation of financial institutions, because in most cases it is the financial institutions that provide the means, logistics and strategy the criminals to tread on.

    “Some methods which we came across in the course of our various investigations on repatriation of funds back to the country, that were successfully moved off shore and are being ploughed back into the Nigeria Economy include;

    “These activities of the criminals can be checkmated by increase transaction monitoring by the Bank officers and reporting suspicious transactions to the relevant agencies timely. Establishing customer due diligence and enhanced due diligence for politically exposed persons.

    “It is our collective responsibility to make the system work and to 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.”

  • Magu, Momoh, Dabiri-Erewa, others bag awards in U.S.

    Malam Ibrahim Magu, Acting Chairman, Economic and Financial Crimes Commission (EFCC) has been conferred with the Nigerian American Award as the ‘Anti-Corruption Crusader of the Year’

    Magu was conferred with the award in Tampa, Florida, by the Nigerian American Business Forum (NABF) for his efforts in stemming the corrupt business practices and fraudulent financial activities in Nigeria.

    Mr John Momoh, Chairman, Channels Media Group and Channels Television, also bagged the ‘Media Personality of the Year’ for his initiative and innovation at the television outfit.

    Prof. Mojisola Adeyeye, Director-General, National Agency for Food and Drug Administration and Control (NAFDAC), was conferred with the ‘Food and Drug Administrator of the Year’ for the transformation she had carried out at NAFDAC within a short period.

    Mrs Abike Dabiri-Erewa, Senior Special Assistant to President Muhammadu Buhari on Foreign Affairs and Diaspora, was also conferred with the ‘Most Diaspora Friendly Personality of the Year’.

    Other award recipients were Mr Jim Ovia, Chairman of Zenith Bank Plc., who bagged the ‘Banker Personality of the Year’, while Dr Andrew Nevin, bagged the ‘Financial Guru of the Year’.

    Read Also: Magu, detectives in Ghana to block slush funds

    Chairman of NABF, Dr Afolabi Andu, said the award was instituted to recognise the contributions of Nigerians who are doing their best to change the narratives of the country.

    Andu said the forum was primarily established to bridge the gap between Nigerian American based businesses and their home-based counterparts in the public and private sector.

    Receiving the award, Magu said taming corruption was the only way forward for Nigeria in its quest for economic development, political stability and social justice.

    Represented by Dr Aminu Gusau, Director, Policy, Planning and Statistics at EFCC, Magu appealed to Nigerian diasporas to join hands with the Buhari’s administration’s efforts at fighting corruption.

    Magu warned Nigerians abroad against helping looters to hide their loots.

    “I must make a categorical appeal to Nigerian diasporas that under no circumstance should you aid or abet foreign business partners to undermine our anti-corruption laws and processes.

    “You should not help looters to hide their money abroad or help them in illegitimate fronting arrangements.

    “It is worthy to note that Nigeria has been the leading country in the international fight for assets recovery and has been most triumphant in partial returns of the loots,” Magu said.

    Similarly, the NAFDAC boss, who was also a speaker at the NABF conference, said that 65 per cent of medical products were being imported into Nigeria.

    Adeyeye regretted that majority of sub-standard products were imported into the country, adding that there were compromises too among NAFDAC officials.

    She explained that she inherited N3.2 billion debt at the agency, which she reduced to zero within a year of her stewardship.

    She said the absence of NAFDAC at the Nigerian Ports from 2011 to 2018, was largely responsible for the unchecked importation of tramadol that was now killing many youths in the country.