Banks: EFCC hires 10 forensic experts to trace N1trillion looted funds


The Economic and Financial Crimes Commission, EFCC, has hired 10 forensic analysts to trace the whereabouts of about N1trillion looted by sacked Chief Executive Officers and directors of eight banks.

The analysts, who are already in the country, will join eight other forensic experts who are staff of the anti graft commission.

The audit of 24 banks in the country by the Central Bank of Nigeria, CBN has led to the removal of eight Managing Directors and many Executive Directors.

While four ex-MDs had been arraigned in court, four others are awaiting trial.

Those yet to be arraigned are a former Executive Vice-Chairman of Intercontinental Bank Plc, Mr. Erastus Akingbola, ex-MD of Bank PHB, Mr. Francis Atuche, former MD of Spring Bank Plc, Mr. Charles Ojo, and the sacked MD of Equatorial Trust Bank, ETB.
It was however learnt that the enormity of the fraud uncovered in the eight banks has forced the EFCC to engage 10 forensic analysts to look into the records of these banks.

The identities and countries where the analysts came from were kept secret last night.

The analysts have reportedly been working round the clock with EFCC operatives in an undisclosed location in Lagos .

“We have decided to be secretive about the activities of the forensic experts because the fraud perpetrated by these ex-CEOs was done with hi-tech.

“Their refusal to disclose where the funds were wired, prompted Waziri to hire forensic analysts to join those in the commission.” our source said.

Some of the looted funds have already been traced to Dubai , London , USA and some assets in Nigeria among others.

Early results he said to have indicated that the sacked CEOs actually stole depositors’ funds through bogus loans and wired them out of Nigeria through cronies.

The Head of Media and Publicity of the EFCC, Mr. Femi Babafemi, could not be reached last night at his New York base.
source: thenationonlineng.net
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