The Economic and Financial Crimes Commission (EFCC), has said three serving State Governors are being monitored over moves to launder cash through table payment of salaries of workers.
This was disclosed by the EFCC Chairman, Abdulrasheed Bawa, during an interview on Thursday.
Bawa, who did not give the identities of these governors, said two of them are from the North, while the third one is from the Southern part of the Country.
He said; “Let me tell you something; the Intel that I have yesterday and I would want you to take this thing very seriously. Already, some state governors have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their state.”
“I don’t know how they want to achieve that but we have to stop them from doing that. Well, we are working, they have not paid the salaries in cash yet but it is a very serious thing,” he said, noting that the act was against section 2 of the Money Laundering Prohibition Act.’’
“The law is very clear regarding cash transactions. Anybody that is to consummate any cash transaction as an individual, if it is not through a financial institution, must not be above N5m and if it is above that it is criminal for you to engage in such transaction. And for corporate entities, it is N10m.''
“Yes, I agree the salaries are not up to that but why are you all of a sudden, and all along you have been paying people salaries through their bank accounts and now you want to pay them in cash, what are you trying to do? They will come under a lot of guises, they are trying to do verification of officers, that is what we have gotten.”
The development is coming amid moves by the Central Bank of Nigeria (CBN) to redesign the naira notes, particularly the N200, N500 and N1000 bank notes.
The CBN had on October 26 announced that the country’s currency will be redesigned to address many issues that had negative effects on Nigeria’s economy. The development has since generated mixed reactions among Nigerians.