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EFCC Chairman says that the anti-graft agency has discovered politicians new method of hiding looted money

EFCC Chairman Ibrahim Magu

Ibrahim Magu, the Chairman of the Economic and Financial Crimes Commission (EFCC), revealed that the anti-graft commission has discovered a new method politicians use in hiding proceeds of corruption.

According to Magu who spoke at the delegates conference of Nigeria Labour Congress in Abuja on Tuesday, politicians now hide their loots in some Africa countries and later sell and repatriate the money back to Nigeria ahead of elections.

The EFCC boss who was represented by the Director of Planning, Aminu Guzo, noted that the anti-graft agency will work with the NLC during elections to monitor cash movement in order to curb vote buying.

“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.

“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.”

Mr. Ayuba Wabba, the Chairman of the NLC, who also spoke at the event, said that Nigerians must support the efforts of the union to stop governors who divert public funds for their selfish interests.

“Recent report of Action Aid that there is a correlation between corruption and poverty in Nigeria. Nigeria scores high in corruption perception index and scores low in human development index because the rate of corruption is high.

“The report said poverty level is high in states where governors are found guilty of misusing and converting public fund into private use.

“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.”

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