CBN, Greatest Ally in Corruption Fight – Magu

CBN, Greatest Ally in Corruption Fight – Magu

The acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has described the Central Bank of Nigeria, CBN, as one of the greatest ally of the Commission in its bid to rid Nigeria of corruption, economic and financial crimes. Magu stated this on Monday, September 2, 2019, during a courtesy visit to the apex bank in Enugu.

The EFCC acting Chairman who spoke through the Enugu Zonal Head of the Commission, Usman Imam, was received by the Branch Comptroller CBN, Enugu, Okonjo Chiedozie. He however explained that there is the need for the two institutions to be on the same page as to make the collaboration seamless.

Magu spoke against the sad experience the Commission had while seeking the custody of the sum of N2.8 million Dollars intercepted late last year at Akanu Ibiam International Airport. The sum was statutorily to be in CBN custody instead of EFCC.

He said: “When we brought the money to CBN for safe keep, we had challenges but for your quick intervention. I appeal that CBN recognize the peculiarity of the Commission in future and to adjust and assist us whenever such needs arise.”

Magu, who shared some of the challenges of the zone with regards to certain expectations from CBN said efforts are ongoing to redress such challenges for easier and better working relationship with the bank.
The EFCC helmsman further expressed his expectation that bottlenecks and bureaucracy encountered with regards to release of funds recovered for victims of crimes would soon be a thing of the past.

“Due to the tedious nature of investigation which often takes so long to conclude and the necessity of releasing recovered funds through bonds, the TSA makes it difficult to actualize as drafts raised often expire or funds unable to be released to individual account. I hope something would be done to quickly restitute proceed of crime to their rightful owners and to save EFCC from the public who might not appreciate these administrative bottlenecks,” he said.

In his reply, Chiedozie assured that the CBN would always be ready to collaborate with the EFCC.

“Every government account was done away with when the TSA came in including those of Nigeria Army, INEC etc. We give statement of account and manage it but you cannot withdraw from the account until the proper things are done. We are just being careful because our work is governed by law,” he explained.