EFCC traces banks' funds to London, UAE

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The Economic and Financial Crimes Commission (EFCC) may have traced some of the funds allegedly siphoned away by some of the five bank chiefs to mainly the United Arab Emirates (UAE) and London. This is coming as Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, declared that there would be no sacred cows in the ongoing drive to sanitise the banking sector.

According to a source in the Commission, some of the funds also were stashed away within the country and some unnamed European countries.

"The commission would soon repatriate the funds to the country," the source added.

He disclosed further that the Commission would reveal how much each bank's chieftain laundered when they appear in court, adding "it will be in their charge sheets."

He revealed that the EFCC was still hunting for the front men and others who helped the sacked CEOs to launder the funds, which he said, runs into billions of naira.

It was because of this, he said, that the Commission has declared some of the bank chiefs wanted.

The EFCC had at the weekend declared the chairman of Abuja Chamber of Commerce and Industry, Mr. Dele Oye and Mrs. Nananshettu Bedel, wanted in connection with the ongoing investigation in the banking sector.

According to a statement issued and signed by the Commission's Head, Media and Publicity, Femi Babafemi, both suspects are wanted for offences bordering on money laundering among other things.

Both suspects are close associates of the former MD/CEO of Oceanic Bank, Mrs. Cecilia Ibru.

The commission explained that the suspects were declared wanted after all efforts to get them to honour its invitation failed.

Based on that, it enjoined anyone with useful information that could lead to their arrest to contact any of the Commission's offices in Abuja, Lagos, Kano, Gombe, Port Harcourt and Enugu."

Interestingly, the Commission over the weekend said it had recovered the sum of N19 billion from loan defaulters.

This is apart from the sum of N25.6 billion, which it said it retrieved from debtors last Thursday.

The Commission's Chairman, Mrs. Farida Waziri, had given a breakdown of the recovered N25. 6 billion as follows:
Intercontinental Bank Plc (N7.7 billion); Finbank Plc (N1.6 billion); Afribank Plc (N7.6 billion); Oceanic Bank (N8.03 billion) and Union Bank Plc (N659.2 million).

A reliable EFCC source told The Guardian yesterday that operatives of the crime-fighting agency have been sent across the country and beyond with a view to getting information about debtors' assets for possible forfeiture.