MAGU TAKES THE ROLE OF JUDGE AND CBN-OFFERS TO HELP BANK RECOVER BAD LOANS

The acting Chairman of the Economic Financial Crimes Commission, EFCC, Ibrahim Magu has promised to help banks recover bad loans, he made the statement in Lagos during an interactive session with Chief Compliance Officers Of Banks in Nigeria.

Magu was quoted as stating “The commission is ready to partner with you to ensure a healthy economy. We are ready to assist the banks in recovering their debts, but compliance officers must ensure due diligence, especially when giving out loans to customers”

However legal experts have raised comcern over the legitimacy of the EFCC to recover loans if such loans have no criminal amgle to it.

The EFCC bods also urged banks to forward a list of suspicious customers do the commission can investigate them.

“I know there are questions you can’t ask, particularly if it involves some individuals, but if you give us information on such people, we will move in. If there are fundamental issues that can affect your banks, you can give us the information, especially as another election season approaches”

Agian experts have faulted the EFCC boss as forcing Bankers to divulge information on customers who are not under investigation. This could lead to a situation of distrust between Bankers and their clients

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