We’re monitoring 3 govs over moves to launder stashed cash through table payment of salaries to workers– EFCC
Vondigest reports that the Economic and Financial Crimes Commission, EFCC Chairman, Abdulrasheed Bawa, said on Thursday that three serving state governors are under close monitoring over moves to launder cash through table payment of salaries to workers.
The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, said on Thursday.
Bawa, who did not give the identities of these governors, said two of them were from the North, while the third one was from the southern part of the country.
He said 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 that have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their state,” he told Daily Trust.
Asked whether the commission would invite the governors, the EFCC boss stated that they are closely monitoring them.
He added: “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 N5m and if it is above that it is criminal for you to engage in such transaction. And for corporate entities, it is N10m.
