EFCC ready to assist banks on verge of collapse — Magu

Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), says a number of Nigerian banks are on the brink of collapse due to huge debts owed by “unscrupulous customers”. Magu spoke on Thursday at an interactive session with the Association of Chief Compliance Officers of Banks in Nigeria. In a statement released by Wilson Uwujaren, EFCC spokesman, Magu said the chief compliance officers of various banks should provide the commission with information on customers who perpetrate financial crimes. “We must work together to save this country. Most of the banks are sitting on the water. In fact, some of these banks are almost collapsing,” the statement quoted Magu to have said. “I know there are questions you can’t ask, particularly if it involves some individuals, but if you give us information on such people, we will move in. If there are fundamental issues that can affect your banks, you can give us the information, especially as another election season approaches. “I don’t want to be charging banks alongside suspected criminals because doing so can wreak havoc on the economy. It will even discourage investors from coming to the country.” Speaking further, the EFCC boss said regardless of size, any bank could become “distressed” if they do not stand for transparency, accountability and practice diligence. “There must be due diligence, even in this practice of private banking. There must be accountability; there must be transparency in our transactions. You don’t have to wait until anything goes awry before you begin to find a solution to it,” Magu continued. “We are ready to assist the banks in recovering their debts, but compliance officers must ensure due diligence, especially when giving out loans to customers. “Every bank is capable of going distressed, no matter its size. That is why we are battling to see that you stay afloat.”]]>

______________________________________________________________________ Explore Nigeria’s Constitutional System — 17 Chapters, 924 Pages Of Insight By Prof. Hagler Sunny Okorie

Call to Order Your Copy: 📞 0803 766 7945 | 0802 863 6615 | 0803 225 3813 ✉️ haglersoco@gmail.com 🏢 Winners Chambers, 135 Ehi Road, Aba, Abia State ______________________________________________________________________ “Timely And Groundbreaking” — Babalola, Nnawuchi Release Casebook On Privacy & Data Protection In NigeriaA timely new publication, Casebook on Privacy & Data Protection in Nigeria, co-authored by Olumide Babalola and Uchenna Nnawuchi, 📘 Casebook on Privacy & Data Protection in Nigeria is now available on Amazon: https://a.co/d/8TmFZrd ______________________________________________________________________ Groundbreaking Guide For Lawyers: Adigwe Publishes ‘Artificial Intelligence For Lawyers’ With Free Research eBook Authored by Ben Ijeoma Adigwe Esq., ACiarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria. How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌎 Website: www.benadigwe.com Ebook Version: Access it directly online at https://selar.com/prv626 ______________________________________________________________________ Alexander Payne Co. Law Reports

Contact & Orders 📞 0704 444 4777 | 0704 444 4999 | 0818 199 9888 🌐 www.alexandernigeria.com

______________________________________________________________________ The books are available for purchase at: Online: www.educodex.com | www.selar.com | www.amazon.com | www.mikeozekhome.com Enquiries: +234 704 044 9375 | +234 814 813 4773 | +234 816 872 3532 Email: educodexl@gmail.com ______________________________________________________________________

[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials

Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation ______________________________________________________________________ NBA Accredited Service Provider, "Momodu B. Law Publishing" Unveils Landmark Law Publications And Services — Order Now! The publishing firm has produced an impressive catalogue of authoritative legal texts authored by its proprietor, Basil Momodu, Esq., For inquiries, contact: 📧 momodulawpublishing@yahoo.com 📞 07051822705 ______________________________________________________________________ “Your Must-Have Legal Classic” — 225-Page Hardback Offering The Definitive Guide To Electoral Security In Nigeria And The U.S. Edited by Dr. Akin Olawale Oluwadayisi, Ph.D; ACIArb, FIPDM, Notary Public, Awi Boluwaji, and Olumide Awoyemi, LL.M, Price: ₦20,000 or $20 per copy Order Your Copy Now:📧 Email: benakollegalclassics@gmail.com,📱 WhatsApp: 07038211889, 📞 Voice Call: 07065830466 | +2347038211889 ______________________________________________________________________