EFCC And Bank Debtors

I agree with you EFCC has become a joke lately. It was established to squashed 419 I believe not as debt collector or act like its the top or the only security agency in the country.

There are many legal and legitimate means for debt recovery under our statute books.
The use of EFCC in debt recovery portends to me as an extortion/arm twisting technique,
 induced by wrongful use of force or fear or under colour of official right to abuse the rights of citizens.
It is barbaric , crude,  Cowboy like, playing to the gallery and accused found guilty in the pages of newspapers and electronic media and so  unacceptable in any civilized world.

If it's true i wonder what a bank chairman will need a loan of 17 billion for.

Those people only did found all those banks to siphon poor peoples money to their own coffers.

Those are first class financial crime. Insider trading / transaction is one thing that make Nigerian companies to go down suddenly, i wonder if we would have been able to hear all these if not for Soludo's bitter pill.

There is nothing wrong with EFCC swooping down on anyone if they have committed a crime subject to the EFCC mandate. The problem is EFCC acting as both policeman and judge and the idea of presumed guilt. In Nigeria you are guilty until proven innocent and EFCC can detain you without a court order indefinitely while they have not charged you with a crime.

Without a court order, EFCC will come to your house and/or office and take you back to their office, or demand that you report to them in Abuja or else. Yet the EFCC head refuses a COURT subpoena because he is above the law. The Plateau State house of Assembly asked him to come and respond to a matter and he outright refuses, why because to him they are not constituted authority. After all he has only one boss and it is not the Nigerian people.

It is only in Nigeria that the government and its agency publish the name of a commercial debtor before proving a case in court. Innocent people are turned into wanted people on the pages of a newspaper because they borrowed money from the bank for legitimate business and maybe the business or the opportunity failed. Whoever told a bank that every kobo they lend they will get back? When did a bank loan become a Treasury bill, yet the charge outrageous interest?

Even the Federal government defaults on its obligations and who arrests them? This is different from someone acting as bank director and abusing his power. If there is a crime to prove how about proving it in court?

Maybe this is one of those issues where everyone should just shut up and watch. The only problem with that is that it may appear ok until the victim is your father, mother, brother or sister.