EFCC to go after banks aiding looting

The Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ibrahim Magu has expressed the determination of the anti-graft agency to go after banks found to be aiding and abetting treasury looting.

Alert, the in-house magazine of EFCC reports that Magu warned that banks could no longer afford to be used by corrupt public servants and fraudsters to launder their loot.

“We are not only going after the personnel of banks, we are also going after the banks. What happens is that when a staff of the bank is involved in such activities, what the bank does is to take the person out of the system through dismissal.

“But now, we are going to go after the banks and the personnel used to perpetrate the fraud. It takes two to tango. In fact, very soon, you will see us going after the managing directors of the banks.

“We don’t care what happens because the right thing has to be done because they have given a lot of room for money laundering activities to thrive. They were used to hide all the stolen money," he said.