Africa
Banks Aid Looting of Public Treasury, says ICPC
By Segun Olatunji, Vanguard 15/5/08
May 15, 2008 - 11:18:43 AM

Ayoola who did not name the banks also accused some of the incumbent public officials of engaging in anticipatory declaration of assets to cover up their corrupt and fraudulent deeds whenever their tenure of office expired.

Ayoola disclosed these at the on-going Stakeholders Summit on Anti-Corruption, Rule of law and the Administration of Criminal Justice in Nigeria at the Conference Hall of the Kaduna International Trade and Investigation Centre.

He said the modus operandi of such banks included opening secret and ghost accounts for these corrupt public officials and aiding them to move the looted funds to avoid detection by investigating authorities.

He said that such banks were involved in the money laundering activities of some public officials,adding that such financial institutions should be closely monitored and investigated.

The ICPC boss however lamented that such banks constituted a hinderance to the commission’s quest to detect and identify questionable assets of corrupt public officials.

Ayoola disclosed that over $US500bn had been looted from the nation’s coffers since independence by dishonest political office holders and public officials urged the National Assembly to pass the Freedom of Information bill to encourage “whistle blowers” to monitor corrupt public officials.