Magu identifies banks that will soon collapse

The acting chairman of the EFCC on Tuesday said some Nigerian banks are on the verge of collapse because of activities of some customers.

A statement by the EFCC Spokesperson, Wilson Uwujaren, quoted the commission boss Ibrahim Magu as saying identifying these customers would help curb the level of corruption in the country.

Mr Magu also asked banks to provide a list of such customers ahead of the 2019 general elections.

He had a session with the Association of Chief Compliance Officers of Banks in Nigeria during the week.

The EFCC chief also charged banks’ compliance officers to always provide the commission with the necessary information to assist it in carrying out its roles.

“We must work together to save this country. Most of the banks are sitting on the water. In fact, some of these banks are almost collapsing,” the EFCC acting chairman said.

He admitted there are questions compliance officers can’t ask, particularly if it involves some individuals.

“But if you give us information on such people, we will move in. If there are fundamental issues that can affect your banks, you can give us the information, especially as another election season approaches,’ he said.

“I don’t want to be charging banks alongside suspected criminals because doing so can wreak havoc on the economy. It will even discourage investors from coming to the country.”

Magu in the statement also warned that there must be accountability in the banking system, due to its sensitivity to the nation’s economy.

“Every bank is capable of going distressed, no matter its size. That is why we are battling to see that you stay afloat,” he added.

He called for due diligence, even in this practice of private banking.

“There must be accountability; there must be transparency in our transactions. You don’t have to wait until anything goes awry before you begin to find a solution to it.”