Corrupt Officials Now Keep Loots In Abandon Buildings – EFCC

EFCCThe Economic and Financial Crimes Commission says due to the current anti-corruption war, looters have stopped keeping money in banks and have resorted to storing cash in their abandoned properties.

The acting Chairman of the EFCC, Mr. Ibrahim Magu, said this at a workshop titled, the ‘Role of Professionals in the Fight Against Corruption’ in Abuja on Friday.

Magu said, “People are now scared of keeping monies in banks, as it can be traced easily. Monies are now kept in abandoned houses in the country.”

He also charged bureau de change operators and financial institutions to desist from being used as conduit pipes to launder money.

According to him,” BDCs move billions of naira in a day and there is no proper documentation of money laundered. I appeal to the BDCs to stop that, as we will begin to prosecute bureau de change operators to serve as deterrent. Bankers are also involved in corrupt acts, as they don’t carry out due diligence.’’

Magu charged professional bodies in the country to join hands with the anti-graft agency in the fight against corruption and economic crimes.

He added, “Instead of conniving with people to launder the proceeds of corruption, I beg you to join hands with the EFCC to fight corruption.

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“Many professionals celebrate criminality by doing a lot to foster corruption, which adds more to money laundering. I don’t intend to criticise the work of professionals, but to solicit their support in order to make Nigeria better for the younger generation.’’

The EFCC boss further revealed that the commission would soon be going after accounting firms that collaborate with bankers to steal government funds.

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Arinze Esomnofu is a Content writer with He is not only talented but also passionate about writing and reporting as he has had some of his op-ed article featured in top Nigerian Online and Traditional media houses. He is also a freethinker on religious matters.


  1. Hi there! This post couldn’t be written any better!

    Reading through this post reminds me of my previous room mate!
    He constantly kept talking about this. I will forward this article to him.
    Quite sure he will have a great read. Thank you for

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