The Economic and Financial Crimes Commission (EFCC) may have confirmed officials of the agency visited the head office of Standard Chartered Bank of Nigeria. According to the agency,

“The raid by operatives purportedly wearing the jackets of the Commission might have been the handiwork of errant officers who acted without authorisation.”

It also stated that it would investigate the circumstances behind the raid, and the erring officers would be subject to disciplinary action.

“The Commission will investigate the circumstances leading to this illegal raid by errant officers and those found culpable would be subjected to the internal disciplinary mechanism of the Commission.”

News reports had broken earlier yesterday, of a raid on the bank and an attempt by officials of the commission to allegedly arrest its Managing Director, Bola Adesola.

The bank was one of four, last month fined a total of ₦5.86 billion by the Central Bank of Nigeria (CBN) for breaching Nigeria’s extant laws and forex rules when they facilitated illegal repatriation of funds to South Africa on behalf of MTN. It has, however, maintained no laws were broken. The sum has since been deducted from the accounts of the affected banks by the apex bank.

Officials of the commission had, in a few weeks ago, quizzed the Group Managing Director of Zenith Bank Plc, Peter Amangbo, over accounts pertaining to the Rivers State Government.

The bank appears to have failed to flag some large cash withdrawals carried out by officials of the Rivers State Government. The EFCC had alleged these transactions amount to N117 billion and were carried out over the last three years. Banks by law are mandated to flag such transactions.

Business day

The situation was further confirmed by the Bank through its head of Corporate Communication, Victor Adoji, to the Nigerian Stock Exchange (NSE) and the investing public.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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