Beware of fake whistle-blowers, Magu cautions banks
EFCC seeks final forfeiture of N426.7m in general’s account
Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has called on officials of financial institutions to be wary of those who abuse the Federal Government’s whistle-blowing policy and the Post No Debit (PND) order in the sector.
He said there were strong indications that some bank officials divulge information on high net-worth accounts to their accomplices, who in turn obtain a purported PND order to fleece unsuspecting customers.
Magu gave the warning during a meeting with Chief Compliance Officers of Banks in Lagos yesterday.
He lamented that certain individuals, in connivance with “unscrupulous bank officials”, were abusing the PND order.
“These individuals demand bogus five per cent commission on the isolated high net-worth accounts of the bank customers, thereby making a mockery of the whistle-blowing policy of the Federal Government and subverting the ethical practice of banks, which emphasises confidentiality of the customer,” he said.
The bankers commended Magu for interfacing with them regularly on various issues affecting the industry.
Meanwhile, EFCC has asked a Federal High Court in Lagos to finally forfeit the N426,704,820.89 linked to one Brig-Gen. John Ozigi to the Federal Government, for being proceeds of unlawful act.
The money was allegedly hidden in the accounts of Diamond Head Ventures and Development Company Limited in two banks.
Justice Sule Hassan had on November 7, 2018, ordered temporary forfeiture of the money following an application filed and argued by Mr. Nkereuwen Anana.
EFCC argued before Justice Hassan that the order sought was pursuant to Section 17 of the Advance Fee Fraud and Other Related Offences Act 14, 2006, and under the inherent jurisdiction of the court.
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