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Alhaji Nuhu
Ribadu, former EFCC Boss
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Nuhu
Ribadu, former chairman of the Economic and Financial Crimes Commission (EFCC),
has linked the cause of Nigeria’s problems to the flow of illicit funds. Speaking at the second anti-money
laundering/combating financial terrorism stakeholders consultative workshop organized
by the Association of Certified Anti-Money Laundering Specialists (ACAMS) in
Abuja on Wednesday, Ribadu said Nigeria has not reached its full potential
owing to terrorism and money laundering.
“Everything that is wrong about Nigeria came
from dirty money. If you can follow it, get it back and punish these people,
then you have cured the problem of Nigeria,” he said, “When I look around I see
a lot of investments that were done with dirty money. Government needs help to
identify and arrest these people. Though it may seem like a daunting task,
with professionals like ACAMS, Nigeria is ready to achieve this.”
TheCable report continues:
Emphasizing the need for a strong anti-graft
agency, Ribadu said that about N200 million was recovered with the
restructuring of the banking sector.
“In 2003, Nigeria was on the black list of most
developed countries, especially US for money laundering. This meant that
our financial institutions found it difficult doing business in foreign
lands,” he said.
“We could not use MasterCard, visa card or
credit card. Our financial institutions could not access international loan. At
one time, it was almost impossible for a Nigerian to open an account in the US
or UK.
“Nigerians travelling abroad were subjected to
serious scrutiny relating to drugs, terrorism and money laundering. The list is
endless.
“But now things are changing. Nigerian banks
are now listed on the London Stock Exchange and getting access to foreign
loans. This is a sign of improvement; however, more can be done.”
In its own
report, The Punch states:
A former Chairman of the Economic and Financial
Crimes Commission, Mr. Nuhu Ribadu, on Wednesday alleged that a lot of
investments being done in the country were from funds earned through illegal
activities.
He also identified illicit financial activities
such as terrorism financing and money laundering as a major challenge affecting
the country’s quest for development.
Ribadu spoke in Abuja at the 2nd Anti-money
laundering/combating financial terrorism stakeholders’ consultative workshop
organised by the Association of Certified Anti-Money Laundering Specialist.
He said Nigeria had yet to maximise its
potential owing to terrorism financing and other money laundering activities,
noting that the trend was making the country to lose huge funds.
He said. “Everything that is wrong about
Nigeria has to do with dirty money. If you can follow it, get it back and
punish these people, then you have cured the problem of Nigeria.
“When I look around, I see a lot of investments
done with dirty money. Government needs help in identifying and arresting these
people. Though it may seem like a daunting task, with professionals like ACAMS,
Nigeria is poised to achieve this.”
Ribadu said there was a need for collaboration
between relevant stakeholders to fight money laundering and curb terrorism
financing.
He called for the building of a strong
anti-graft institution to spearhead the fight against money laundering, adding
that the restructuring of the banking sector had helped to restore confidence
in the Nigerian economy.
He said, “In 2003, Nigeria was on the blacklist
of most developed countries especially the US for money laundering.”
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