Money Laundering: Blow Whistle, Get 5%, Magu Reassures Nigerian Stockbrokers

 

Acting Executive Chairman of the Economic & Financial Crimes Commission (EFCC), Mallam Ibrahim Magu, on Thursday urged Nigeria’s chartered stockbrokers to join in the task of tackling corruption by whistle blowing, whenever they suspect attempts to launder proceeds of corruption or fraud through the Nigerian Stock Exchange (NSE) in view of the danger posed by hot money to any financial system and economy.
Magu who was scheduled to performing the closing gong ceremony as part of bring the day’s equities trading session to an end however arrived after the 2.30pm official time.
He however held a close door session with selected stockbrokers where he told them that joining in the anti-corruption war of the Federal Government is a patriotic duty every Nigerian should perform.
A source at the meeting quoted Magu as wondering: “Don’t you want to make 5%? Blow your whistle and I pay you 5% (of amount involved).
The stockbrokers had assured him that owing to safeguards put in place by the NSE management, it was quite unlikely that incidences of money laundering, where they exist are likely to be negligible on the Nigerian bourse.
The EFCC, nonetheless, enjoined the brokers to be on the look out, stressing that the Federal Government is resolute in the war against financial crime which remains a potent force.
Asked about the spate of seemingly straightforward court cases the commission had lost in recent times, an apparently distraught Magu urged his listeners: “Please pray for the EFCC).”
He however assured that the commission is resolved and will do all in its power to ensure that corrupt elements in the country are fought to a stand-still.
The EFCC acting chairman and his team departed the exchange at 4pm.

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