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Wednesday, November 29, 2023

Naira Redesign: Governors Plan to Pay Workers Through Cash – EFCC  

The Economic and Financial Crimes Commission (EFCC) says it is monitoring three serving governors over moves to launder stashed billions of naira in their states. 

The EFCC Chairman, Abdulrasheed Bawa, disclosed this on Thursday while speaking with Daily Trust in Abuja. 

Mr. Bawa, who did not reveal the identities of the governors, said two of them are from the North, while the third governor was from the southern part of the country. 

According to him, the intelligence at the disposal of the commission showed that the three governors have 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 that have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their state,” Mr Bawa said. 

Also Read: Reps orders CBN to make N2, N1, 50 kobo a legal tender

When asked if the commission would summon the governors, the EFCC chair said: “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”, saying the move is 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 N5million and if it is above that it is criminal for you to engage in such transaction. And for corporate entities it is N10million. 

“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,” he said. 

The anti-graft agency boss also said the ongoing raids on Bureau De Change operators will be sustained, urging Nigerians to support the system, for the benefit of all. 

According to him, the raid is very important to protect the system against money laundering. 

 

Chinaza Ogbachalu
Chinaza Ogbachaluhttps://www.chinazaogbachalu.com/
My name is Chinaza Ogbachalu, and I am a writer. I have been writing news and opinion articles for five years plus and have always had a passion for storytelling. I grew up in Nigeria and graduated from the University of Port Harcourt, Nigeria, with a degree in linguistics and communication studies. I have written books that have been well-received by critics and readers alike. My work often focuses on culture and lifestyle, and I draw inspiration from my own experiences and observations of the world around me. As a news writer, I am responsible for researching and writing engaging and accurate news stories for our online audience. I have a strong passion for current events and am skilled at conducting interviews and gathering information from sources. I am grateful for the support of my readers and am constantly humbled by their enthusiasm for my work. Thank you for taking the time to learn more about me and my writing.
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