EFCC indirectly confirms raid on Standard Chartered

The Economic and Financial Crimes Commission (EFCC) may have confirmed officials of the agency visited the head office of Standard Chartered Bank of Nigeria. According to the agency,

“The raid by operatives purportedly wearing the jackets of the Commission might have been the handiwork of errant officers who acted without authorisation.”

It also stated that it would investigate the circumstances behind the raid, and the erring officers would be subject to disciplinary action.

“The Commission will investigate the circumstances leading to this illegal raid by errant officers and those found culpable would be subjected to the internal disciplinary mechanism of the Commission.”

News reports had broken earlier yesterday, of a raid on the bank and an attempt by officials of the commission to allegedly arrest its Managing Director, Bola Adesola.

The bank was one of four, last month fined a total of ₦5.86 billion by the Central Bank of Nigeria (CBN) for breaching Nigeria’s extant laws and forex rules when they facilitated illegal repatriation of funds to South Africa on behalf of MTN. It has, however, maintained no laws were broken. The sum has since been deducted from the accounts of the affected banks by the apex bank.

Officials of the commission had, in a few weeks ago, quizzed the Group Managing Director of Zenith Bank Plc, Peter Amangbo, over accounts pertaining to the Rivers State Government.

The bank appears to have failed to flag some large cash withdrawals carried out by officials of the Rivers State Government. The EFCC had alleged these transactions amount to N117 billion and were carried out over the last three years. Banks by law are mandated to flag such transactions.

The situation was further confirmed by the Bank through its head of Corporate Communication, Victor Adoji, to the Nigerian Stock Exchange (NSE) and the investing public.

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