Efcc's Skimming 10%!

The EFCC, which energetically jumped into the banking crisis and whose chairman moved over 100 agents to Lagos at the height of the financial sector meltdown,is collecting 10 percent of all the monies recovered from debtors on behalf of banks, according to industry and EFCC sources.

This legally dubious and ethically questionable practice means that the EFCC has now profited to the tune of N17 billion from the total of N171 billion it says it has helped collect from some of the biggest debtors in the land, a list that is a who is who of Nigeria's business and political elite.

EFCC's 10% game

The hunter becomes hunted in the new allegation that the EFCC collects ten per cent for its debt recovery

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so? whats wrong with that? Where does it end up? Does it go to the private pockets or it remains in the EFCC coffers? Another effortless schemeing to dis credit the EFCC!

tosh is efcc a collection agency? even their collecting money back is wrogn talkless of eating 10%

Which part of the EFCC Act allows EFCC to perform this role? To love Nigeria doesn't mean we can't criticise constructively. To take a loan is not a crime, even to default on a loan is not a crime. The crime is when you obtain loans on false information or documentation.

This 10% (roger mentality) explains why EFCC have shown a complete disregard for due process. EFCC would be able to positively touch the lives of our people by stopping roger collectors (police) from disturbing decent and hard working Nigerians at checkpoints. Roger is a financial crime, If she is sincere Waziri should address this.

^^^^So now, EFCC should go after police men at road blocks?

Some people just say whatever comes out of their mouth.

^^^ Is that not a financial crime? or do you want us to pretend police roger is not spoiling the image of our beloved country?

Once intercepted, the proceeds of crime are best deployed to fight crime, conveniently lightening the burden on state resources.  This pragmatic philosophy is exemplified by the way the US Drug Enforcement Agency retains a HUGE chunk of the raw cash and asset forfeiture income accrued from narcotics busts, to further the cause of apprehending and neutralizing narco-cowboys, whose insidious products and violent conduct so poison societies.

Providing that the innocent are never framed, Nigeria's FCC Fraud Squad deserves to keep a full 50% of the embezzled loot they trace and seize, so that more advanced surveillance technology, vehicles and weapons can be procured to tip the scales in the favor of the victimized majority, by facilitating the investigation, pursuit and brutal sanction of all those who plunder national wealth in ways that indirectly inflict so many more casualties than could ever be claimed by a mere substance abuse epidemic.

Jakumo:

Once intercepted, the proceeds of crime are best deployed to fight crime, conveniently lightening the burden on state resources.  This pragmatic philosophy is exemplified by the way the US Drug Enforcement Agency retains a HUGE chunk of the raw cash and asset forfeiture income accrued from narcotics busts, to further the cause of apprehending and neutralizing narco-cowboys, whose insidious products and violent conduct so poison societies.

Providing that the innocent are never framed, Nigeria's FCC Fraud Squad deserves to keep a full 50% of the embezzled loot they trace and seize, so that more advanced surveillance technology, vehicles and weapons can be procured to tip the scales in the favor of the victimized majority, by facilitating the investigation, pursuit and brutal sanction of all those who plunder national wealth in ways that indirectly inflict so many more casualties than could ever be claimed by a mere substance abuse epidemic.

GBAM!

What are the possibilities of independent auditors summing up nigerian earnings from just oil since the iraq war started and working how it has been distributed and what it has been spent on,from federal thieves,to state thieves down to the local government thieves?

It is quite easy to catch out those thieves with track records,unless of course they don't keep records and if they don't,that is a crime by itself.

redsun:

What are the possibilities of independent auditors summing up nigerian earnings from just oil since the iraq war started and working how it has been distributed and what it has been spent on,from federal thieves,to state thieves down to the local government thieves?

It is quite easy to catch out those thieves with track records,[b]unless of course they don't keep record[/b]s and if they don't,that is a crime by itself.

You hit the nail on the head, govt doesn't keep records or statistics. They hate records and that is one of Nigeria's major problems, there have been several instances were law courts have not even been able to prove an individuals identity and let them off the hook to commit more serious crimes.

Jakumo:

Once intercepted, the proceeds of crime are best deployed to fight crime, conveniently lightening the burden on state resources.  This pragmatic philosophy is exemplified by the way the US Drug Enforcement Agency retains a HUGE chunk of the raw cash and asset forfeiture income accrued from narcotics busts, to further the cause of apprehending and neutralizing narco-cowboys, whose insidious products and violent conduct so poison societies.

Providing that the innocent are never framed, Nigeria's FCC Fraud Squad deserves to keep a full 50% of the embezzled loot they trace and seize, so that more advanced surveillance technology, vehicles and weapons can be procured to tip the scales in the favor of the victimized majority, by facilitating the investigation, pursuit and brutal sanction of all those who plunder national wealth in ways that indirectly inflict so many more casualties than could ever be claimed by a mere substance abuse epidemic.

What is the correlation between this Crime income  and recovering shareholders/depositors money

Beaf:


You hit the nail on the head, govt doesn't keep records or statistics. They hate records and that is one of Nigeria's major problems, there have been several instances were law courts have not even been able to prove an individuals identity and let them off the hook to commit more serious crimes.

Records are kept only thing is that it can be manipulated, disappear, burnt, etc.

Beaf:


You hit the nail on the head, govt doesn't keep records or statistics. They hate records and that is one of Nigeria's major problems, there have been several instances were law courts have not even been able to prove an individuals identity and let them off the hook to commit more serious crimes.

Sad,we don't have a system.until we are able to put a workable and accountable system in place,bodies like efcc and independent mediators are just white wash and waste of efforts.

Even a house hold without records and procedures can't operate smoothly,talkless of a country.

Nigeria as any reasonable human can see is nothing but a rogue state

Thieves cannot persecute thieves and civil citizens should not reason with criminals in power.

Nigerian leaders are bunch of rogues,reasoning and negotiating with them,puts one on the same level

If we have a reasonable government in place,resources distributions,allocations and executions will come normal,because that is what normal people do.Nigerian leading elites are not normal,they are primitively mad.

NairaLand is full of arm chair critics who say the same thing in every discussion-

Nigeria becomes nigeria not america.Be urself and be comfortable with it.

and there is 24 hours electricity, and there is food on the table, and there is good transportation - how easy - you need to rule the world, not just Nigeria.

tosh_acer:

and there is 24 hours electricity, and there is food on the table, and there is good transportation - how easy - you need to rule the world, not just Nigeria.

I thought i heard u saying somewhere u've lived in england for some years?And are still asking these questions?

This is a very bad practice first of all the EFCC has no business recovering loans from debtors on behalf of banks. and also for them to be collecting 10% is morally and ethically wrong because it simply means these banks wont be able to account for the whole funds recovered back. in western world thats why they have credit ratings as well as debt collecting agencies to recover bad loans from debtors they dont start calling so19 or scotland yard to start chasing debtors.

But also i would understand why the efcc has been involved which to my own understanding i will say it is due to the culture of Nigerians in repaying back loans taken from banks. most nigerians will prefer to take the case to court and start stalling which we all know cases in nigeria take long time to be decided. nigeirans prefer to do that rather than repay back loans taken.

@topic



If the topic is true . . . then it means my hunch was correct.

I felt and suspected that it would be near and close to impossible for those banks to collect back their money through EFCC without having to pay bribe to EFCC . . .

NIGERIA WOULD ALWAYS BE NIGERIA . . . its more of a matter of one thief catching another thief . . . nothing changes instead things remain the same.

This is corruption in disguise.

Now idiot Nigerians may be finally on the way to coming to their senses. You just like "big men" being put inside prison abi ?
Why do you think EFCC expends so much energy to recover debts ?  The single minded objective of all this debt recover business is to make millionaires of EFCC officials and their cohorts. Often these "recovery' contracts are given out to lawyer friends of EFCC boss  who by just sending a single demand letter to the debtor  effects a "recovery" and so qualifies for the 10% which is split between them and EFCC officials . Thereby a once starving lawyer  who is favoured by EFCC boss can become a millionaire overnight by recovering money that was never really lost. The sad part of all this is that IT IS LEGAL. This practise did not start with Waziri though. Ribadu did his own fair share and that is why he has famous "human rights lawyers" shouting his praise to heavens till today - because he has settled them properly.
My country people stop being fooled by fake people making noise about protecting the interest of masses, or interest of economy. Wolves in sheep clothing all of them .

First time am hearing this since the existence of the anti-graft commission. To prove ur story please provide link or else U r just making up stories. We need link to type bast Waziri with our lappy n deskky or else U would be insulted oo.

wetin dey sweet me be say some nairalanders don dey see say Farida dem were not working for our interest but for their pocket. Farida, sanusi and co go chop the money.

The [b]E[/b]verlasting [b]F[/b]inances [b]C[/b]hurch [b]C[/b]ompany must remain in business so church members bank debtors must pay their tithe to this autonomous franchise.
Ride on WISEziri!

Well, since Federal Inland Revenue Service FIRS gets to keep 2% of total tax collected, I think it fair that the same courtesy be extended to crime fighting institutions.

Jakumo:

Once intercepted, the proceeds of crime are best deployed to fight crime, conveniently lightening the burden on state resources. This pragmatic philosophy is exemplified by the way the US Drug Enforcement Agency retains a HUGE chunk of the raw cash and asset forfeiture income accrued from narcotics busts, to further the cause of apprehending and neutralizing narco-cowboys, whose insidious products and violent conduct so poison societies.

Providing that the innocent are never framed, Nigeria's FCC Fraud Squad deserves to keep a full 50% of the embezzled loot they trace and seize, so that more advanced surveillance technology, vehicles and weapons can be procured to tip the scales in the favor of the victimized majority, by facilitating the investigation, pursuit and brutal sanction of all those who plunder national wealth in ways that indirectly inflict so many more casualties than could ever be claimed by a mere substance abuse epidemic.

You are a crass illiterate. I don't have the energy to expatiate. Just go and read the EFCC Act, and understand what they have powers to do and what they do not have powers to do. Note that the EFCC is never authourized to act as a debt collection agency.

Your example about the DEA in the USA is flawed. Criminal proceeds such as Drug money cannot be returned to the criminals. However loans are legitimate funds that belong to the shareholders and depositors of banks, and should be returned to them. Skimming 10% off is as corrupt as it gets, especially when done by an agency that has no legal powers to act as such.

EFCC are a bunch of thieves in Uniform!!
Stealing mofos next to the governor!!!.

Even for America police get % for ticket issued, that is why arrest dey increase towards end of month,

Remii:

Even for America police get % for ticket issued, that is why arrest dey increase towards end of month,

You mean am? Off to Wiki

Deep Sight:

You are a crass illiterate. I don't have the energy to expatiate. Just go and read the EFCC Act, and understand what they have powers to do and what they do not have powers to do. Note that the EFCC is never authourized to act as a debt collection agency.

Your example about the DEA in the USA is flawed. Criminal proceeds such as Drug money cannot be returned to the criminals. However loans are legitimate funds that belong to the shareholders and depositors of banks, and should be returned to them. Skimming 10% off is as corrupt as it gets, especially when done by an agency that has no legal powers to act as such.

Thank you!

Deep Sight:

You are a crass illiterate. I don't have the energy to expatiate. Just go and read the EFCC Act, and understand what they have powers to do and what they do not have powers to do. Note that the EFCC is never authourized to act as a debt collection agency.

Your example about the DEA in the USA is flawed. Criminal proceeds such as Drug money cannot be returned to the criminals. However loans are legitimate funds that belong to the shareholders and depositors of banks, and should be returned to them. Skimming 10% off is as corrupt as it gets, especially when done by an agency that has no legal powers to act as such.

Somebody tell me, had these banks got services of private debt collectors to retrieve their money from non performing debtors, are they (banks) going to pay for the services rendered or not. Please explain because  we may look at this EFCC service to the banks similar to auditors, private security outfits etc. If looked from that angle and the percentage is agreed upon before commencement of service it is legitimate.