Magu seeks media support against corrupt bankers who launder billions


Updated: March 8, 2021

The Acting Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ibrahim Magu has called on the Media to support the EFCC in its quest to rid the banking sector of some corrupt elements denting the image of the industry.

He made the call on Friday, April 5, 2019 in Port Harcourt, Rivers State while meeting with Compliance Officers of banks. 

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According to him, there are rising reports of some dubious bankers abusing the ethics of their profession by divulging classified information on some premium accounts to their accomplices, for the purpose of money laundering and criminal extortion.

“There are fraudsters working in the bank. They throw confidentiality to the wind and place people’s account into intimidation and harassment.  Money laundering is also aided. This practice should no longer continue and we need the media to sensitize the public about it”.

Magu expressed worries about “some corrupt elements” in the banks who are trading customers’ information for money and warned that the EFCC will not fold its hands and allow such elements continued their fraudulent activities. 

He described media practitioners in the country as “corruption hunters and fighters” and sought their cooperation in exposing shady characters in the banks. “I urge you to fight corruption for the sake of the future generation. You are corruption hunters and fighters and our most important allies in combating the menace of corruption. We have come to meet with Compliance Officers of banks because they are in their banks to check excesses and expose corrupt practices. Your objective reporting of issues will assist the public in getting true and adequate information about fraudsters in the banking sector”, he said.

Magu stated that the EFCC has secured 194 convictions in the first quarter of 2019, through hard work and diligence. 

“We have secured 194 convictions already this year.  Our cases are not Magistrate court cases. We go to the High Court and pass through all the rigours to get a conviction”, he said. 

He later held a strategic meeting with Compliance Officers of all the banks in the South- South.


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