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Ribadu accuses banks, telecoms operators of aiding fraudsters

Posted by By ISAAC ANUMIHE, Abuja on 2006/06/15 | Views: 413 |

Ribadu accuses banks, telecoms operators of aiding fraudsters


Chairman of Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu has accused bank chief executives and telecommunications operators of colluding with Advance Fee Fraudsters to defraud and destroy Nigeria.

Chairman of Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu has accused bank chief executives and telecommunications operators of colluding with Advance Fee Fraudsters to defraud and destroy Nigeria.

While introducing a new law just enacted to curb the excesses of 419 perpetrators, during a seminar organised by EFCC for bank executives and telecommunication operators in Abuja, yesterday, Rubadu accused telecommunication operators of fraud in the way they do their business in Nigeria, warning that whatever it takes to enforce the new law, the commission would do it.

Ribadu told the participants that most of the fraudulent acts in Nigeria are done through money laundering and internet through the operators of such services.

He advised bankers and telecoms operators to know their customers and the kind of businesses they are involved in.

For instance, he said, if you take money from a governor and knowing that this money does not belong to him, you are liable to 10 years imprisonment. He regretted that there is nowhere in the world, where there is a large number of failed banks or failed businesses like Nigeria, vowing that EFCC must stop the trend.

According to him, it took the commission three years to get out the Act after much pressures and efforts, saying that now that it was out, EFCC would stop at nothing to ensure its enforcement.
He urged the banks and telecoms operators to devise a means to monitor their customers or fall victim of the law.

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Comments (3)

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Okfold(Sobe, Edo, Nigeria)says...

I want the meaning of female owan name Ekeke (Edo state)

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Toluwalase Samuel Olufemi(Ijebu, Ogun, Nigeria)says...

Authority belongs to God, once He decrees it is final and binding

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Ikponmwosa Osamede(Edo, Nigeria)says...

Your meaning of Osamede is wrong. Osamede means God has given me a crown