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  • Updated: November 04, 2022

EFCC Reveals Plan To Stop Governors From Laundering Cash

EFCC Reveals Plan To Stop Governors From Laundering Cash

The Economic and Financial Crimes Commission (EFCC) has disclosed that it is monitoring three governors who plan to launder cash with the intention to stop them.

The revelation was made by EFCC Chairman Abdulrasheed Bawa on Thursday and he added that two of the governors are from the north while the last is from the southern part of the country.

According to Bawa, the three governors have concluded plans to inject the money into the system through table payment of their state workers’ salaries.

“Let me tell you something; the Intel that I have yesterday and I would want you to take this thing very seriously.

"Already, some state governors have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their state.

“I don’t know how they want to achieve that but we have to stop them from doing that.

"Well, we are working, they have not paid the salaries in cash yet but it is a very serious thing.

“The law is very clear regarding cash transactions. Anybody that is to consummate any cash transaction as an individual, if it is not through a financial institution, must not be above N5 million and if it is above that it is criminal for you to engage in such transaction. And for corporate entities, it is N10 million.

“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", he stated.

 

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