EFCC vs Bankers Warehouse. A story of Mugu Magu.

EFCC Intercepts $2.8 Million at Airport

The Economic and Financial Crimes Commission, EFCC, Enugu Zonal Office, on Thursday, December 20, 2018, intercepted $2.8million (Two Million, Eight Hundred Thousand United State Dollars), from two people, suspected to be money launderers, at Akanu Ibiam International Airport, Enugu.

The suspects, namely Ighoh Augustine and Ezekwe Emmanuel, allegedly working for a company: Bankers Warehouse, were nabbed based on intelligence report.

Upon their arrests, they were caught with consignments of two suitcases, containing $1.4 million each, totalling $2.8 million, at the departure lounge of the airport while about to board an Arik Air evening flight to Lagos.

During interrogation, the suspects confessed that they have been in the business of conveying cash for “some notable banks”, for over six years and were in the process of doing same for Union Bank Plc, located at New Market, Onitsha, Anambra State, when they were caught.

The suspects further confessed that they had so far carried out such assignments, “four times this year”.

They are presently giving useful information to operatives of the Commission, and will be charged to court soon.

Media & Publicity

21st December, 2018

That was the situation according to the EFCC. An economic and financial crimes commission that did not know the job of the Bankers Warehouse…A company licensed by the CBN to discretely move money for financial institutions.

Anyhow the Bankers Warehouse immediately wrote to the Deputy Governor of the CBN:

Followed by a series of tweets from the official handle of Union Bank who they were moving funds for.

This is incompetence at the highest levels. Not only have the faces of sensitive operations people been splashed all across the media as criminals, this has also put the business at great risk.

Ordinarily the Chairman of the EFCC ought to resign over this. Or at least a high ranking official. It just proves that the EFCC is an organisation built on lies and ignorance.