Acting Executive Chairman of the Economic & Financial Crimes Commission (EFCC), Mallam Ibrahim Magu, has urged the stockbroking community on the platform of the Nigerian Chartered Institute of Stockbrokers to join in the fight against corruption by whistle blowing, whenever they suspect attempts to launder proceeds of corruption or fraud through the stock market in view of the danger posed by hot money to any financial system and economy.
The EFCC czar, who was expected to perform the closing gong ceremony to bring the day’s transactions on the Nigerian Stock Exchange (NSE) to an end, had arrived after the 2.30pm official closing time of the market.
He however used the opportunity of a close door session with selected stockbrokers to tell the dealers to join in the anti-corruption war of the Federal Government which he described as a patriotic duty every Nigerian should perform.
It was gathered that Magu at a closed door he held with the selected stockbrokers stated that: “Don’t you want to make 5%? Blow your whistle and I’ll pay you 5% (of amount involved).
The stockbrokers had assured him that owing to safeguards put in place by the NSE management, it was quite unlikely that incidences of money laundering, where they exist are likely to be negligible on the Nigerian bourse.
The EFCC, nonetheless, enjoined the brokers to be on the look out, stressing that the Federal Government is resolute in the war against financial crime which remains a potent force.
Asked about the spate of seemingly straightforward court cases the commission had lost in recent times, an apparently distraught Magu urged his listeners: “Please pray for the EFCC).”
He however assured that the commission is resolved and will do all in its power to ensure that corrupt elements in the country are fought to a stand-still.
The EFCC acting chairman and his team departed the exchange at 4pm.