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EFCC Solicits CBN’s Support In Fight Against Corruption




The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on Monday, solicited the support of the Central Bank of Nigeria (CBN) in the fight against corruption.

The anti0graft agency noted that that the apex bank’s strategic position in the financial sector makes it a necessary ally in the quest to rid Nigeria of all economic and financial crimes.

Magu, who spoke through Usman Imam, head of Enugu office of the Commission, while receiving a delegation from the Enugu Branch of the apex bank led by the Controller, Okonjo Chiedozie, noted the difficulty encountered by the zone in keeping recovered funds in the CBN vault.

He recalls a particular incident in which a staff of the bank was unwilling to accept $2.8million from the Commission, insisting on being presented with a mandate authorizing the Commission to make such a deposit.


The EFCC boss called for an understanding of the peculiar nature of the Commission’s operation in order to overcome current challenges and foster a better working relationship between the two institutions.

“ The TSA makes it difficult to release recovered funds on bond as drafts raised often expire or funds cannot be released to an individual account. I hope something would be done to facilitate the quick return of proceeds of crime to their rightful owners and save EFCC the suspicion by the public, who might not appreciate these administrative bottlenecks,” he said.

In his response, Chiedozie assured of CBN’s readiness to collaborate with the EFCC even as he revealed that the challenge with the TSA was not peculiar to the agency.

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