Following the clamp down on looters and the recovery of corrupt proceeds by the Magu led EFCC, some politicians are in desperate mood to cover up their loots. The former governor of Akwa ibom state and the current minority leader of the Senate, Mr Godswill Akpabio has withdrawn about 17billion naira from his zenith, GTB and stanbic IBTC bank accounts on Tuesday 21st june and Wednesday 22nd june respectively.

Inside source from one of the banks spoke with a DNB correspondent on condition that his identity will be protected. “I guess the man is pretty scared right now; they are scared that what happened to fayose (Ekiti Governor) might befall them; they are just withdrawing their money. Akpabio just withdrew over 10billion from our bank today. Nobody wants to have his account freezed or even traced with huge amounts in their accounts”, the inside source said.

Nigeria’s politicians have turned to microfinance banks to hide their loots. With this, it will be impossible for authorities to trace or recover their ill gotten wealth. For instance, a former chairman of the People’s Democratic Party in Ogun state, Mr Bayo Dayo is said to have withdrawn huge sums of money from his personal and company’s bank accounts and deposited same with a microfinance bank in Ogun state; Accion MFBank with head office in Lagos state. Also, a former governor in one of the states in the southeast and also a promoter of a micro finance bank was in April alleged to have mopped up his cash lodged in various commercial banks and into a secret account opened in his Micro finance bank.

Since the introduction of BVN and the linking of accounts, it is virtually impossible to cover loots lodged in commercial bank accounts. Recently, it was reported by the EFCC that corrupt politicians now hide their loots/cash in uncompleted buildings and safe houses all over Nigeria. I urge the EFCC and the relevant authorities saddled with the responsibility of recovering our stolen wealth to beam their searchlights on micro finance banks and credits homes so as to recover more loots.

Nigeria at current under this administration is fighting corruption and according to the president, “No One will be spared”. Most countries of the world have made it tough for politicians from Nigeria to open and run bank accounts in their countries. Dubai, not quite long adopted this policy; it’s a way of checking mating corrupt politicians and to make sure that illegal money or stolen money does not find its way into their banks.

http://www.dubemnaija.com/2016/06/corrupt-polticians-now-hide-their-loots.html

lalasticlala

Observation is not a crime.

This doesnt make sense, for one micorfinance how lower limits of what they can keep as cash, they are targeted at small customers.

Someone keeping 17bn in a micro-finance bank will definitely attract EFCCs attention.

Unless he is going to establish 17 microfinance banks.

kaeforum:
This doesnt make sense, for one micorfinance how lower limits of what they can keep as cash, they are targeted at small customers.

Someone keeping 17bn in a micro-finance bank will definitely attract EFCCs attention.

Unless he is going to establish 17 microfinance banks.

that is where they are going against the law. Except NDIC and EFCC does its job well by looking deeply into the books of these MFBs, they will keep using them as 'loot centres'

N/B: The op didnt say Akpabio kept 17billion in an MFB

No peace for the looters