· Bank MDs and senior managers lose sleep as anti-graft agency turns heat on them
There is a stink in the banking sector. It wafts from the habits and distended bulks of Nigerian bank chiefs. Like the proverbial stray herd that drifts from their pen to devour carrion flesh with rooks, they brazenly indulged in gross acts of fraud and dishonour with criminals in former President Goodluck Jonathan’s administration.
Aided by lax banking rules and a criminally inclined administration, many bank chiefs threw caution to the winds and shamelessly engaged in fraudulent activities. Ultimately, they enhanced their co-conspirators’ capacity to loot federal and state coffers. Their demeanor could be likened to that of the sanctimonious reprobate that embezzles state funds even as he preached honesty and godliness in public office.
Following the arrest of some bank chiefs over fraud-related charges by the Economic and Financial Crimes Commission (EFCC), the anti-graft agency has discovered that too many cases of financial fraud and corruption allegedly recorded during the administration of former President Goodluck Jonathan, were committed in connivance with Nigerian bank chiefs.
Soon after the EFCC traced looted state fund amounting to millions of dollars and billions of naira, to local bank chiefs, the agency has launched a vigorous campaign to arrest several bank Chairmen and Managing Directors (MDs) found complicit in the circle of rot.
The EFCC recently announced that many of the country’s bank chiefs have been implicated in several fraudulent activities are thus in trouble. According to EFCC Chairman, Ibrahim Magu, the anti-graft agency will eventually go after bank MDs found culpable; those whose banks are involved in money laundering, especially through the use of private banking will be arrested and prosecuted, he said.
“What happens is that when a staff of the bank is involved in such activities, what the bank does is to take the person out of the system through dismissal. But now, we are going to go after the banks and the personnel used to perpetrate the fraud. It takes two to tango. In fact, very soon you will see us going after the Managing Directors of the banks. We don’t care what happens because the right thing has to be done. These people have given a lot of room for the money laundering activities to thrive. They were used to hide all the stolen money.
“We had a discussion with the governor of the Central Bank of Nigeria and I insisted that this so-called private banking should be stopped. It is illegal. It is wrong. We are not only going after the personnel of the banks but also after the banks,” vowed Magu.
Consequently, many bank MDs are scared silly. They have been running from pillar to post in frantic bid to cover their flanks and escape prosecution and imminent jail term. Many of the bank chiefs, whose identities would be revealed in due course, have become more desperate. They have resorted to the use of native doctors and other spiritualists for protection and diabolic support against the onslaught of the EFCC. Many more are considering ditching their offices and flee the country for safe haven abroad.
