EFCC Tasks CAC on Proxy Companies

EFCC Tasks CAC on Proxy Companies

The acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has stressed the need for the Corporate Affairs Commission, CAC, to cooperate with the anti-corruption agency in the fight against corruption, especially in its investigations of companies involved in suspicious activities.

Magu gave the charge through the Zonal Head, EFCC Maiduguri Zonal Office, Lawrence Iwodi, who paid a courtesy visit to the CAC Head Office, Borno State, on August 28, 2019.
“The Corporate Affairs Commission is doing a very good job in responding to requests put to it by the EFCC, but we want to urge you to speed up the response time, in order not to delay our investigations and possible prosecution,” he said.

He further stressed the need for the CAC to ensure that due diligence is carried out when registering any company, as part of efforts to check the prevalence of companies set up to perpetrate fraud.
“While we urge you to respond promptly to our requests, it is necessary for you to carry out due diligence, especially as it relates to Know Your Customer, KYC, and when there is need for update on a company’s address,” he said.

He observed that some proxy companies were being set up in Borno and Yobe states, with the sole aim of siphoning public funds, and affirmed that the EFCC remains unrelenting in its efforts to go after such companies.
He further noted that as stipulated in the EFCC Establishment Act 2004, the CAC was a member of the EFCC Board, and so was an essential partner with the anti-corruption agency in the fight against corruption.

Responding, the CAC Manager, Nazir Sani, assured the EFCC of its continued support for the EFCC.
“We will continue to give the EFCC topmost priority in responding to request sent to the Corporate Affairs Commission,” he said.