EFCC's boss, Farida Waziri. Photo: NAN

EFCC begins probe of newly sacked bank chiefs

By Elizabeth Archibong

The Economic and Financial Crimes Commission (EFCC) is set to begin the probe of top executives of Bank PHB, Spring Bank and Equitorial Trust Bank, who were sacked last week by the Central Bank of Nigeria, the commission’s chairman, Farida Waziri said on Wednesday.

Mrs. Waziri spoke while fielding questions from journalists at a press briefing with the Finance Minister, Mansur Muktar and the CBN Governor, Lamido Sanusi, at the venue of the on-going World Bank/ IMF conference in Istanbul, Turkey.

A release signed by the commission’s spokesman, Femi Babafemi, said Mrs. Waziri promised that nobody will be treated as a sacred cow in the latest exercise; even as debtors of the three banks should prepare to meet with the EFCC as soon as the CBN gives their names to the commission.

“As soon as we return home we will take on the case of the latest three banks,” Mrs. Waziri said. “I can assure you that nobody will be spared; no sacred cow.

We will handle it the way we did the last set. So there can’t be any discrimination or preferential treatment for anybody. We will also act on the debtors’ list as soon as the CBN releases that to us. It is in the interest of our economy and the nation.”

The EFFC boss, who also spoke at a policy forum on good governance, investment climate and the challenge of increasing capital flows to Africa, justified the EFCC intervention in the bank reform process in Nigeria.

Intervention justified

She said: “At face value, there should be no basis for the EFCC’s involvement in the recent banking sector cleansing and the recovery of debts. However, we must understand that section 7 (2) of the legislation establishing it states that the EFCC ‘shall be the coordinating agency for the enforcement of the provisions’ of the following key legislations: the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act 1994 and the Banks and Other Financial Institutions Act (BOFIA) 1991.

“These two laws alone should suffice to justify the involvement of an organisation like the EFCC in the bank cleansing exercise and the recovery of loans by the Central Bank of Nigeria. However, it may be necessary to go beyond that. The general issues arising from the exercise in Nigeria have shown that margin loans, other forms of loan facilities and infraction by lenders, are the critical areas that rogues within the system utilised,” she explained.

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Reader Comments (13)

Posted by ifeanyi okolie on Oct 08 2009

I agree that who ever has a debt to pay should be made to pay as well as arraign anybody involve in financial malpractice. The effc however, should do that with some human dignity and respect for the right of the individuals

Posted by Jon on Oct 08 2009

Shouldn't dignity and respect be deserved? "Dignity consists not in possessing honors, but in the consciousness that we deserve them." When you have an obligation to pay back the depositors money and you refused to, just because you are a "BIG MAN", then you have lost your right to Dignity and respect.

Posted by AUDU PASCHAL on Oct 08 2009

LET US SEE WHERE THIS WILL END , WHETHER IT WILL NOT BE ANOTHER IBORI DECEITFUL PROSECUTION FOR WITHOUT THE COURAGE TO JAIL BIG MEN EFFECTIVELY WE ARE DOOMED AND INVITING OUR OWN RAWLINGS

Posted by baba on Oct 08 2009

we r waiting for the list of northern governors owing unity bank.

Posted by OLUGBEMIGA OLAFEMI on Oct 08 2009

My prayer for Farida Waziri is that God will continue to grant her good health and sound mind to ensure a succesful prosecution of these cases involving big time debtors. I only wish President Yar'Adua will accord her the deserved support just like Sanusi of CBN professed getting support from the president on his latest bank reform.I just know that this mess cant continue forever.

Posted by John Agada on Oct 08 2009

I think the EFCC has done well in recovering over N100 billion from bank debtors from the first four banks that had thier MDs and board members sack. I believe that Mrs Farida Waziri led EFCC can do it again. Most of our so-called big men should not be allowed to get away with other people's money.

Posted by mahmudu yadudu on Oct 08 2009

since the inception of efcc it has not recorded the a huge success compare to the present leadership of mrs farida waziri.who believes in the rule of law,she is truly a GOD send may ALLAH continue to bless her.further more those talking about human dignity there thinking really baffles me.how can an man loot the commoners little savings,and give it as loans to his friends and family members be treated with dignity.very soon death penalty will be the next option,just like the petty criminals.

Posted by tunji babs on Oct 08 2009

majority of people trusted with affairs of the interest of nigerians have shown a high level of irresponsibility in carrying out their duties and as such remain questionable characters until proven otherwise by bodies responsible like the efcc & the law courts.

Posted by patocian on Oct 08 2009

I think the CBN/EFCC should release the names of those bad debtors who collected loan without collateral bcos time wait for no one the earlier the better.

Posted by patocian on Oct 08 2009

They shuld all appear in the EFCC, the earlier the better. We the public want to hear & see more facts & figure.

Posted by lanre+ on Oct 08 2009

starting to think this is a goose chase. we've got real robbers stealing our money with pen and power, but the EFCC has done little or nothing to curtail that.

Posted by lati adegunwa on Oct 09 2009

EFCC IS A FRAUDULENT ORGANISATION USED BY GOVERNMENT TO DECIEVE INNOCENT NIGERIANS. OR HOW DO YOU EXPLAIN THE RECENT RELEASE OF $2B AFTER BANK DEBTORS WHO ARE MOSTLY GOVERNMENT AGENCIES AND CONTRACTORS WAS USED AS EXCUSE BY CBN-SAMIDO TO SNATCH BANKS FROM THEIR OWNERS, WHY DIDNT EFCC ASSIST THE BANKS RECOVER THE AMOUNTS ORDINARILY IF NOT TO SNATCH THE BANKS,GOD WILL PUNISH THEM ALL FOR THEIR ACTS.