Efcc Hires 10 Forensic experts To Trace #1 Trillion Looted Funds

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.


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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.

who is fooling who?

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.

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

Another Fraud.

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.

.  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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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!

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.

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

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 ? 

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