he Economic and Financial Crimes Commission, EFCC, has hired 10 forensic analysts to trace the whereabouts of about N1trillion looted by sacked Chief Executive Officers and directors of eight banks.

The analysts, who are already in the country, will join eight other forensic experts who are staff of the anti graft commission.

The audit of 24 banks in the country by the Central Bank of Nigeria, CBN has led to the removal of eight Managing Directors and many Executive Directors.

While four ex-MDs had been arraigned in court, four others are awaiting trial.

Those yet to be arraigned are a former Executive Vice-Chairman of Intercontinental Bank Plc, Mr. Erastus Akingbola, ex-MD of Bank PHB, Mr. Francis Atuche, former MD of Spring Bank Plc, Mr. Charles Ojo, and the sacked MD of Equatorial Trust Bank, ETB.

It was however learnt that the enormity of the fraud uncovered in the eight banks has forced the EFCC to engage 10 forensic analysts to look into the records of these banks.

The identities and countries where the analysts came from were kept secret last night.

The analysts have reportedly been working round the clock with EFCC operatives in an undisclosed location in Lagos .

"We have decided to be secretive about the activities of the forensic experts because the fraud perpetrated by these ex-CEOs was done with hi-tech.

"Their refusal to disclose where the funds were wired, prompted Waziri  to hire forensic analysts to join those in the commission." our source said.

Some of the looted funds have already been traced to Dubai , London , USA and some assets in Nigeria among others.

Early results he said to have indicated that the sacked CEOs actually stole depositors’ funds through bogus loans and wired them out of Nigeria through cronies.

The Head of Media and Publicity of the EFCC, Mr. Femi Babafemi, could not be reached last night at his New York base.


http://thenationonlineng.net/web2/articles/23133/1/Banks-EFCC-hires-10-forensic-experts-to-trace-N1trillion-looted-funds/page1.html

This is madness. I wish they hired me. I will do a great job.    

I will gladly trace those funds to my account.

How will forensics work in this case?. Are they looking for DNA's on the vaults or what?. One thing is getting a scientific link to the money and another is getting the person to match it to. Nigeria has no CODIS, no record of its citizens, no nothing. For all I know, it could be Akingbemaru or Udezue who are responsible for the stolen money. Oyibo too sabi thief, just pay them money, they will come and speak english for them instead of telling that mamula known as Mrs Waziri that this will not work.

Forensics ke?? She should start tracking the funds looted by member of the house as well. Less than 2 years ago, Bankole was an ordinary Nigeria, today he is able to afford a piece of land for over 300 million. If she needs a forensic expert to know that there is something fishy there that probably needs to be investigated, she should hire me to do her job for her.

who is fooling who?

another contract issued, another looting in progress.

Kobojunkie:

Forensics ke?? She should start tracking the funds looted by member of the house as well. Less than 2 years ago, Bankole was an ordinary Nigeria, today he is able to afford a piece of land for over 300 million. If she needs a forensic expert to know that there is something fishy there that probably needs to be investigated, she should hire me to do her job for her.

I don't know whether its inferiority complex or what. Why hire an expatriate to help you catch the rat that steals your fish at night when you are in the best position to target the rat?. The same way Bola Tinubu paid Scotland Yard $1M to help find who murdered that lagos gov aspirant some years ago and all they discovered was finger prints of his servants. The funny thing is the police arrested them and started torturing them. Why won't their finger prints be in the house they clean everyday, DUH.

Aloy~Emeka:

I don't know whether its inferiority complex or what. Why hire an expatriate to help you catch the rat that steals your fish at night when you are in the best position to target the rat?. The same way Bola Tinubu paid Scotland Yard $1M to help find who murdered that lagos gov aspirant some years ago and all they discovered was finger prints of his servants. The funny thing is the police arrested them and started torturing them. Why won't their finger prints be in the house they clean everyday, DUH.

LOL,


_{they're using our money to carry out their business deals.}

Aloy~Emeka:

I don't know whether its inferiority complex or what. Why hire an expatriate to help you catch the rat that steals your fish at night when you are in the best position to target the rat?. The same way Bola Tinubu paid Scotland Yard $1M to help find who murdered that lagos gov aspirant some years ago and all they discovered was finger prints of his servants. The funny thing is the police arrested them and started torturing them. Why won't their finger prints be in the house they clean everyday, DUH.

$1 million dollars ?? WOW!!! I wonder how we justified that expense to the tax payers. We had to spend so much money because we are lagosians, and it is ok that there has been no return on that investment? I am sure there is someone out there who will be willing to come in to tell us of how Tinubu DID the right thing there.

And what will if efcc do after the funds have been traced to ibb,obasanjo,ibori,dangote etc cuz i'm sure they will make the list

Which list??
No be 2day dey start 2dey trace looted funds now.

the forensic experts will charge at least 30% of whatever they recover,another 40% will disappear into private pockets.whats left?

the usual sing-song we are used to

Jargon!!!
Hmmmmmm! Nigerians are a sad bunch.
How can people believe this nonsense.
Which 1 trillion Naira was looted??
The money has been lost in the stock market and now you need forensic experts to trace it?? OOOOh Pleeease!!

We have bad leaders  because we have an illiterate followership. It is that knowledge that makes a woman like Farida Waziri come out and talk this kind of jargon, knowing fully well that majority of Nigerians, both educated and uneducated are all big time  illiterates.

Another Fraud.

@Aloy Emeka
There are many types of forensics the dna and fingerprints you referring to is not what is going on here.many fields have diffrent forensic experts these ones will be looking for trace of the looted funds where ever they might be.

Missing money, we have so many names already, we have investigators, or if you dont trust those, get some more from foreign land, those with nothing to lose, Forensic officials for looting money?
I rest my case.

Were the funds moved in bags or electronically? What has forensics got to do with this? Who was in charge? From where did the money leave? Who signed for it? Where did it land? I ask again, what's forensic got to do with this. I have said it, OBJ is still there supporting his fireworks.

TheSeeker:

Were the funds moved in bags or electronically? What has forensics got to do with this? Who was in charge? From where did the money leave? Who signed for it? Where did it land? I ask again, what's forensic got to do with this. I have said it, OBJ is still there supporting his fireworks.

. U are very correct

TheSeeker:

Were the funds moved in bags or electronically? What has forensics got to do with this? Who was in charge? From where did the money leave? Who signed for it? Where did it land? I ask again, what's forensic got to do with this. I have said it, OBJ is still there supporting his fireworks.

. U are very correct

This EFCC should get a life and do thier job,the hiring of forensic experts is just a smoke screen


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forensic accountants

are you people that dumb - forensic experts in financial matters are referred to as forensic accountants or auditors.

wow!!!!!!!!!!!!!!!!

redsky1:

forensic accountants

are you people that dumb - forensic experts in financial matters are referred to as forensic accountants or auditors.

wow!!!!!!!!!!!!!!!!

and they don't have forensic experts in Nigeria ? u're missing the point.

We all knows who the thieves are ? the question becomes: ok we ALL know who stole and what are you going to do about it ? NOTHING!

POSAKOSA1:

and they don't have forensic experts in Nigeria ? u're missing the point.

We all knows who the thieves are ? the question becomes: ok we ALL know who stole and what are you going to do about it ? NOTHING!

Is it hear say that you gonna present at the court of law?

jay bee:

Is it hear say that you gonna present at the court of law?

Monies were assigned to projects that were never completed or even started. How obvious or apparent can that be ?

I've interned with the U.S. Senate before and when investigations and conducted, SENATORS conduct this investigations and they certainly don't have degrees in forensic accounting.


Congressman Charlie Rangel: his peers are conducting investigations about his fraudulent act/behavior and NOT forensic accountants.

HEAR SAY is certainly not a problem here. Its an excuse to show that they are working towards eliminating fraud. Obasanjo stole and there is NOTHING ANYBODY can do about that. FORENSIC ACCOUNTANTS OR NOT.

redsky1:

forensic accountants

are you people that dumb - forensic experts in financial matters are referred to as forensic accountants or auditors.

wow!!!!!!!!!!!!!!!!

You beat me to it, I was going to explain it.

If this is done right, these forensic experts would be good at understanding global (not just Naija) banking mechanism to ascertain how these Bank honchos might have diverted the funds to different accounts and investments globally.

I doubt there are such qualified accountants (i.e. global forensic experts) in Nigeria.

jay bee:

Is it hear say that you gonna present at the court of law?

Bruv, thank you o.

Nigerians just like to scream and complain at every opportunity without objectively looking at issues or even understanding it.

Aloy~Emeka:

How will forensics work in this case?. Are they looking for DNA's on the vaults or what?. One thing is getting a scientific link to the money and another is getting the person to match it to. Nigeria has no CODIS, no record of its citizens, no nothing. For all I know, it could be Akingbemaru or Udezue who are responsible for the stolen money. Oyibo too sabi thief, just pay them money, they will come and speak english for them instead of telling that mamula known as Mrs Waziri that this will not work.

hehehehehe. . . . . no talk this kain thing for public o. . . .na financial forensics dem dey yarn, not DNA forensics.

******leaves thread at this point********** doesn't feel like engaging in bogus dialogue.



My uncle stole money <will not reveal his name> and THERE IS NOTHING ANY AUTHORITY UNDER THE SUN IN NIGERIA CAN DO ABOUT IT.

We can hire all the forensic accountants we want.

Waziri doesn't  know who stole money ?   


If your mother give you money to put in the bank and that money is never reported to have been deposited in the bank ? Will she hire a forensic scientist to figure out who took the money ? when it is OBVIOUS that you never deposited the money in the bank as a result YOU should be held responsible ? 

things de happen.
i bet after 3 years, we'll need to find another forensic team to trace the ones that were awarded the job in the first place

Its probably a requirement by the WORLD BANK to conduct this investigations so that they can keep giving Nigeria money, who cares ? same old shit

POSAKOSA1:

Waziri doesn't know who stole money ?


If your mother give you money to put in the bank and that money is never reported to have been deposited in the bank ? Will she hire a forensic scientist to figure out who took the money ? when it is OBVIOUS that you never deposited the money in the bank as a result YOU should be help responsible ?

typical nigerian reasoning, and you sure wouldn't be surprised abt how many people have suffered at the hands of inept police officers with such reasoning. now cos money wasn't deposited means he should be held responsible? yes he needs to be questioned but not necessarily held responsible for not depositing the money. he could have been robbed for all i care and or just stupidly misplaced the dough.

why do you think stone cold killers sometimes walk away from court in the western world? simple, without no staunch evidence the will be laughed at on the court. i have performed jury service in the UK and we are always told only to convict when we are certain beyond reasonable doubt and this is where evidence is needed