EFCC labels Lagos, Rivers as money laundering headquarters

EFFC labels Lagos, Rivers bedrock of money laundering

Acting Chairman of the Economic and Financial Crimes Commission, Mr. Ibrahim Magu, has labeled both Lagos and Rivers State as the bedrock of money laundering in Nigeria.

During an interview with newsmen in Port-Harcourt on Tuesday, Magu revealed the Rivers is ranked behind Lagos and the crime is at a peak because of the oil business going on in the city.

He said, “I think Rivers State is the next to Lagos in terms of crime. This (Rivers) is the headquarters of money laundering because there is a lot of oil money here.

“I think you can rate Port Harcourt the second to maybe Lagos when you talk of people playing with sinking, diving, hiding, maybe because of the large space of oil deals.”

He stated, “Nothing is going to stop us; even the issue of the court order allegedly obtained by Dr. Peter Odili and co to stop the EFCC from investigation and prosecution has been overtaken by event.

“I am telling you that, that judgment cannot stand; it will only take some time. it cannot hold and we are going to conclude the investigation. There are so many investigations we are doing.

In addition, Magu sounded a note of warning that not even the court would stop the EFCC from performing its function of investigating and prosecuting those alleged to be involved in financial crimes, including Rivers State governors.

“We will take it before the court; let the court refuse to prosecute their case. I am sure the matter has suffered for about 13 years now. we are going to test it. The matter is in the Supreme Court, we will follow it up.

“That decision that is pending in the Supreme Court does not actually… cannot hold water again. There are subsequent judgments that have discarded it. Clearly, there are other judgments that came up and said nobody, not even the judge, not even the judiciary, not even the court can stop us from investigating and prosecuting.”

He, however, recalled that the anti-graft agency had been able to secure the conviction of three former governors, adding that 1,245 convictions were recorded in 2019.