The acting chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, on Tuesday said some Nigerian banks were already on the verge of collapse due to the activities of unscrupulous individuals. Mr Magu also asked banks to provide a list of unscrupulous customers ahead of the 2019 general elections. A statement by the EFCC Spokesperson, Wilson Uwujaren, quoted Mr Magu as saying that the move would help curb the level of corruption in the country.

 

According to the statement, Mr Magu said this in Lagos on Tuesday during a session with the Association of Chief Compliance Officers of Banks in Nigeria. The EFCC chief also charged banks’ compliance officers to always provide the commission with the necessary information to assist it in carrying out its roles.

 

The statement also said that Mr Magu warned that there must be accountability in the banking system, due to its sensitivity to the nation’s economy, adding that the commission could assist banks in recovering bad loans. He urged the officials to be more diligent with their jobs because “every bank is capable of going distressed, no matter its size. That is why we are battling to see that you stay afloat.”

 

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