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Magu decries illicit financial flows, vote-buying during elections

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The acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has condemned the increasing wave of illicit financial flows and vote buying during elections in the country.

He spoke in Lagos during a round table with managing directors of financial institutions in Nigeria with the theme: “Roles and Obligations of Managing Directors of Banks in Nigeria in Curbing Vote Buying During Election, Illicit Financial Flows and Other Related Matters in Nigeria”.

The EFCC Chair, in his address, recalled that the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele, during a meeting with Bankers’ Committee sometime in September 2018, made a commitment to work with the EFCC and the banks to curb this menace.

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He said illicit financial flows would reduce the amount of resources available to the government to provide critical social services to the citizenry.

According to the anti-graft czar, vote buying during elections would prevent credible candidates from running for political offices, adding that “in Nigeria, vote buying has reached an alarming proportion to the extent that politicians have now spread their tentacles to election officials, security agencies, election observers and even the media.”Magu lamented that the illicit financial flows out of the country was on the increase and that politicians were still “perpetrating and trying to finalise their acts of vote buying.

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