Posted by Oluyinka Akintunde, Abuja on
The Economic and Financial Crimes Commission has begun investigation of 10 banks over money allegedly laundered through them by the Governor of Bayelsa State, Chief Diepreye Alamie-yeseigha.
The Economic and Financial Crimes Commission has begun investigation of 10 banks over money allegedly laundered through them by the Governor of Bayelsa State, Chief Diepreye Alamie-yeseigha.
Sources said that the EFCC operatives visited 10 banks in Lagos on Wednesday during which top management staff of the banks were quizzed.
There was apprehension on Thursday evening that the Chief Executive of one of the banks at Oyin Jolayemi Street, Victoria Island, was arrested by the commission.
The Commission confirmed that it was following up on its lead on Nigerian banks used by state governors for money laundering.
The acting Director, Nigeria Financial Intelligence Unit of the EFCC, Mr. A.B. Okauru, told newsmen in Abuja on Thursday, that the commission was tightening the noose on money launderers and financial institutions used for such transactions.
He said Nigerians laundered $7billion annually, out of $10billion laundered across West Africa.
Okauru said, 'By our calculation, the sum of $10billion is laundered in the West African sub-region, out of which Nigeria accounts for $7billion. The Nigerian economy is the most buoyant in the sub-region. In West Africa, you have a population of 210million, out of which Nigeria accounts for 150million.
'The EFCC is responsible for the enforcement of the Money Laundering Prohibition Act and a new department, the NFIU, is responsible for managing suspicious transaction in the country."
The World Bank had in the first quarter of this year disclosed that a total of $1.5trillion is laundered annually across the world.
Asked if the arrest of two Nigerian governors by the Metropolitan Police in London for money laundering did not suggest failure on the part of the commission, Okauru said the apprehension of money launderers resulted from a collaboration between the EFCC and the rest of the world through the Financial Intelligence Unit.
He said that the commission was currently investigating some banks used by governors in the country for money laundering.
He, however, refused to name the affected banks and the governors under investigation for money laundering.
He said, 'There are a number of leads that we have and we are looking at a number of issues around the question you asked on banks conniving with governors to launder money abroad. I am not in a position to verify anything or to tell you the banks. There are a number of cases under investigations and I will like to leave it at that.
'When you say failure on the part of EFCC, I don't understand. We are doing what we are supposed to do. It is a small world now and you could be tracked anywhere. The beauty about the new regime is that the world is one community and you could be tracked either within or outside a country.
'It is no longer possible to pick up money here and run to North America or to Europe. Once you route your funds through any financial system, there is tendency for them to track what you have. We have FIU in Nigeria and a pre-condition for having FIU is that you have relationship with other FIUs.
'Every country has got one FIU. The NFIU under EFCC has relationship with virtual all other FIUs around the world. Every time there is a problem anywhere, we can track that easily unlike what it is before."
The PUNCH, Wednesday, September 22, 2005