Not every huge bank account will fetch 5% reward, Magu tells prospective whistle blowers
The acting Chairman of the Economic and Financial Crimes Commission , Ibrahim Magu , has said that not every bank account with huge balance is being investigated , hence the need for whistle blowers and bank officials to be careful with the way they pass information .
He said bank accounts with stupendous balances might be inheritance or proceeds of genuine investments , and won’ t fetch any whistle blower the targeted five percent if reported .
He called on officials in the financial institutions in the country to be wary of “ dubious individuals or groups within and outside their establishments ” who abuse both the whistle – blowing policy of the Federal Government as well as the ‘ Post No Debit’ order in the sector .
He said there were strong indications that some banks officials divulge information on high net worth accounts to their accomplices , who in turn obtain a purported PND order to fleece unsuspecting customers .
Magu gave the warning during a meeting with Chief Compliance Officers of Banks in Lagos on Tuesday , April 2 , 2019 , as posted on its blogspot .
He also lamented that the Post No Debit order was being abused by certain individuals in connivance with “ unscrupulous bank officials ” to achieve some set goals.
According to him , “ These individuals demand bogus five percent commission on the isolated high – net -worth accounts of the bank customers , thereby making a mockery of the whistle – blowing policy of the Federal Government and subversion of ethical practice of the banks , which emphasises confidentiality of their customers .
“ We must stop the unfolding connivance against high – net – worth accounts in the banks. Some of these accounts might not necessarily be under investigation .
“ They might be inheritance or proceeds from genuine investments . ”
Magu further sought the cooperation of the group to sanitise the banking industry , adding that Nigeria ’ s banking sector ought to be at par with that of developed countries .
In his response , one of the bankers commended Magu for engaging and interfacing with them regularly on various issues affecting the industry .
He assured Magu that “ we would go back and look inward for people who might be involved in such untoward acts of giving out information on their customers ’ bank accounts. ”
He described the practice of divulging information as a breach of the fundamental principles of the banking industry , which must be seriously addressed .
“ I want to urge you to always pass any intelligence or information that needs the attention of the banks for us to proactively address it.
“ We will continue to partner with the Commission to ensure that the banking industry is sanitized, ” he further stated.