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Money laundering: Magu charges banks’ compliance officers on diligence

Ibrahim Magu, the acting Chairman of the Economic and Financial Crimes Commission, EFCC, has charged compliance officers of banks in Nigeria to be diligent in the discharge of their duties and to ensure that they play active role in tackling money laundering and other fraudulent financial practices in the banking sector.

Magu gave the charge on December 19, 2018 through Usman Imam, the Zonal Head of the Commission in the South-East, during an interactive session held with a cross-section of compliance officers of banks in the region.

He condemned the actions of some bank officials, who aid and abet money laundering activities and other such economic and financial crimes, describing such acts as “a sign of systemic abuse and failure on the part of such banks”.

“Those failed states we know today did not just fail in one day, their failure was a gradual abuse of systems, that we must guard against,” he said.

According to him, the “interface” was as a result of several “wrong things, which we observed are being done by bank officials”.

“There is no major fraud especially money laundering that is ever committed without the connivance of the bank officials, and this must stop,” he said.

He further enjoined them to see themselves as critical to the progress of the banking sector, in order to attract Foreign Direct Investment, FDI, into the country.

Sunday Olatunji
Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93. Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism. He had done many courses in communication, including the EU-BBC Editing Course in 2002. Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013). He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers. He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 - 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 - 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor. Dele Fashomi is now the Publisher/Editor-in-Chief of newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye - DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography - AGAINST ALL ODDS. There are many other books in the works under his pen.