Connect with us

Politics

EFCC reveals politicians’ new tricks of hiding looted funds

Published

on

MAGU: Court order on Diezani is ‘Mission Impossible’

According to the Economic and Financial Crimes Commission (EFCC) politicians have devised a new strategy to hide stolen loots ahead of the elections.

Chairman of the commission, Ibrahim Magu who revealed this at the delegates’ conference of the Nigeria Labour Congress (NLC) in Abuja on Tuesday, said stolen funds were now being hidden in foreign countries.

He explained that his recent trip to Ghana had given him an eye opener to this new strategy by politicians who invest looted funds in foreign countries and repatriate same to Nigeria for election purposes.

He however, noted that the commission would widen its search light in curbing vote buying during the election while its partnership with the NLC would better position the agency to fight corruption.

He said, “The NLC has partnered the EFCC at various events like anti-corruption walk, among other interactive sessions, strategically designed by the EFCC to strengthen our partnership with critical stakeholders, like the NLC, in the fight against corruption.

Read also: AYOGU EZE: Justice Ekwo’s ruling against me a ‘kabukabu’ judgment

“I was in Ghana as part of this concerted effort of beaming our searchlight beyond the borders of Nigeria. What we discovered is no doubt staggering and mindboggling.

“Corrupt politicians have widened the circles of their corrupt activities by investing them in other African countries, so that in the long run, they sell them and look for ways of repatriating them to Nigeria, even in the buildup to the elections.

“We have signed a memorandum of understanding with the Economic and Organised Crime Office in Ghana to ensure that we keep track of such illicit inflow and outflow of suspicious funds.

“On our part, we are keenly monitoring the movement of cash in the system, and are awake to our responsibility of ensuring that provisions of the Electoral Act, 2010 are strictly adhered to, especially as they relate to election funding, and the now worrisome vote-buying.”

In his remarks, the NLC Chairman, Ayuba Wabba, assured the commission of the readiness of Nigerian works to help fight corruption.

He called on removal of immunity from all public and government officials to enable a thorough fight against corruption.

He said, “Nigeria is not a poor country, we are among the best around the world but the challenge is how to harness the resources for the benefit of all.

“We demand that our political elite must find a way of removing immunity against criminal prosecution, especially corruption cases for all political office holders as it is the case around the world.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations