The Economic and Financial Crimes Commission (EFCC) has disclosed that it is monitoring three governors in the country regarding moves to launder cash through table payment of salaries to workers.
EFCC Says It Is Monitoring Three Govs Over Stashed Cash
Chairman of the EFCC, Abdulrasheed Bawa disclosed this on Thursday.
Bawa did not, however, reveal the identities of the governors. He said two of them were from the North, while the third one was from the southern part of the country.
According to him, intelligence at the agency’s disposal revealed that the three governors had concluded plans to inject the money into the system through table payment of their state workers’ salaries.
“Let me tell you something; the Intel that I have yesterday and I would want you to take this thing very seriously. Already, some state governors have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their state,” he revealed.
When quizzed on whether the commission would summon the said governors, Bawa said they were closely monitoring them.
“I don’t know how they want to achieve that but we have to stop them from doing that. Well, we are working, they have not paid the salaries in cash yet but it is a very serious thing,” he said, noting that the act was against section 2 of the Money Laundering Prohibition Act.
“The law is very clear regarding cash transactions. Anybody that is to consummate any cash transaction as an individual, if it is not through a financial institution, must not be above N5m and if it is above that it is criminal for you to engage in such transaction. And for corporate entities, it is N10m.
“Yes, I agree the salaries are not up to that but why are you all of a sudden, and all along you have been paying people salaries through their bank accounts and now you want to pay them in cash, what are you trying to do? They will come under a lot of guises, they are trying to do verification of officers, that is what we have gotten,” Bawa added.
These moves by governors come on the heels of the plan by the Central Bank of Nigeria to redesign the naira notes, particularly the N200, N500, and N1000 bank notes.
Kanyi Daily reported that the CBN had on October 26, said it would release redesigned Naira notes by December 15, 2022.
Governor of the bank, Godwin Emefiele, who announced this during a press briefing in Abuja, said the existing notes would seize to be regarded as legal tender by January 31, 2023.
Emefiele said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.
The apex bank governor added that the redesigning of the naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.