Critical Times News : Fraudsters have infiltrated banks, says Magu

Published by / 6 Apr 2019 / No comments / ,

Fraudsters have infiltrated banks, says Magu


The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, said yesterday that many fraudsters in Nigerian banks aid criminals to perpetrate financial crimes.

Magu who spoke at a meeting with compliance officers of various banks in Port Harcourt said such fraudsters helped politically exposed persons to steal and launder public funds.

“So this is the reason we say we must come here, we have to talk, and unfortunately we have fraudsters working in the banks, working right inside the banks.

“They go around and throw confidentiality to the wind and subject people’s accounts to a lot of intimidation and extortion. So we want to put in our machinery to deal with such fraudulent activities of bankers and some law enforcement agencies, there are bad eggs among us, even in the EFCC.”

He said the commission had secured 194 convictions in the first quarter of this year.

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