EFCC Places Three Governors Under Watch Over Stashed Cash

• About three Nigerian governors have been placed under watch by the Economic and Financial Commission (EFCC) over planned money laundering
• The EFCC Chairman stated that the governors intend to launder the money by paying cash to their state workers
• The ant-corruption agency stated that two of the governors come from the North while the third is from the South

The Economic and Financial Crimes Commission (EFCC) said about three serving governors are under its purview over stashed cash.

The anti-graft body’s Chairman, Abdulrasheed Bawa, said the governors are being monitored over moves to launder cash under the pretext of paying salaries to workers.

Intelligence shows the governors what the governors wants to do

Bawa, who did not reveal the identities of the governors, said two of the governors are from the North, while the third is from the South.

Read also

N170 a litre petrol price in Nigeria is no longer sustainable, says Kyari

The Punch reporting said the agency’s intel revealed that the governors had finalised plans to introduce the money into circulation through over-the-counter payment for the workers’ salaries.

Bawa urged Nigerians to take the situation serious and expressed surprise about how the governors intend to pull off the stunt by paying their workers in cash, saying the purported moves is against the the Money Laundering Prohibition Act.

Financial transactions to pass via banks

The EFCC boss said any financial transactions that did not pass through any financial institutions is classified as money laundering.

Bawa said:

“Yes, I agree the salaries are not up to that but why are you all of a sudden, and all along you have been paying people salaries through their bank accounts and now you want to pay them in cash, what are you trying to do? They will come under a lot of guises, they are trying to do verification of officers, that is what we have gotten,” Bawa added.

Read also

Naira redesign: Ganduje listed among 3 governors under EFCC watch? Kano government reacts

The purported moves by the governors come as the Central Bank of Nigeria plans to redesign the naira notes, especially the N200, N500, and N1,000 notes.

New naira notes: Hoarders release more unspent bills, video shows 20yr-old N200 notes in circulation

Legit.ng reported that Nigerians are rushing to beat the deadline of January 31, 2023, set by the Central Bank of Nigeria (CBN) to cease the circulation of old naira notes.

The CBN said it is introducing newly redesigned N200, N500 and N1,000 notes by December.

The announcement by the CBN has put pressure on currency hoarders who are now hauling the notes long kept in their custody into the market.

Source: Legit.ng