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2019: We’ll monitor campaign spending — Magu

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Rayyan Alhassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
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Acting chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, on Wednesday, said the commission will monitor banks for suspicious transactions ahead of the 2019 elections.

Mr Magu, who stated this during an interactive session with journalists in Abuja, warned politicians against reckless spending and bribery.

According to him, the commission will partner with the Independent National Electoral Commission, INEC, to address the rising cases of vote-buying.

He said excessive use of money during elections leads to “gross financial abuse and perversion of the electoral process” and enthrone “bad leadership which in turn creates corruption and bad governance.”

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The EFCC boss said the commission will henceforth “bring banks and other collaborators to book.

“We will monitor how monies are withdrawn from the banks. We will start this from a month or two from the general elections, for unusual withdrawal of cash” he said.

He said the movement of a large amount of cash contravenes provisions of the Money Laundering Act.

Mr Magu revealed techniques bankers use to hide huge withdrawals by splitting transactions into bits of N10 Million threshold.

“They will do it in one day but they will put different dates to make it three to four days but they actually do it in one day,” he said.

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