Ibrahim Magu Chairman of the Economic and Financial Crimes Commission (EFCC) has read the riot act to all looters everywhere stating that he is ready to continue the war against corrupt regardless of allegations that he is being selective with his targets.
Magu stated that he would not spare any target and that anyone caught in economic malfeasance will be prosecuted.
“There is no sacred cow as far as this fight against corruption is concerned. We will go after anybody who has committed an offence. We will collect the money back, so that it will go back to the treasury and be used for the original purposes.”
Magu also expressed concern with some of the practices of banks and what he termed ‘Private banking’ which he said was a means through which corrupt politicians could launder money with impunity.
He said he’s already engaged the CBN governor with a view to ending the menace.
“We had a discussion with the governor of the Central Bank of Nigeria and I insisted that this so-called private banking should be stopped. It is illegal. It is wrong.
“We are not only going after the personnel of the banks but also 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. These people have given a lot of room for the money laundering activities to thrive. They were used to hide all the stolen money”
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