According to stories going round, the Economic and Finance Crime Commission (EFCC) may swoop on individuals and corporate organisations considered as bank debtors .

And I ask, What is their business with such civil matters arising from purely commercial transactions? Please EFCC you're making me laugh. Abi?

I agree with you EFCC has become a joke lately. It was established to squashed 419 I believe not as debt collector or act like its the top or the only security agency in the country.

@ Conscience. Those EFCC will swoop on are people who defaulted on insider credit. Example is that of a bank chairman who took out almost 17 billion naira in insider credit from the bank he oversees.

otitoloju:

@ Conscience. Those EFCC will swoop on are people who defaulted on insider credit. Example is that of a bank chairman who took out almost 17billion naira in insider credit from the bank he oversees.

There are many legal and legitimate means for debt recovery under our statute books.
The use of EFCC in debt recovery portends to me as an extortion/arm twisting technique,
induced by wrongful use of force or fear or under colour of official right to abuse the rights of citizens.
It is barbaric , crude, Cowboy like, playing to the gallery and accused found guilty in the pages of newspapers and electronic media and so unacceptable in any civilized world.

@conscience you are wrong. we are talking about economic and financial crime. there is a difference between those who take money from banks for business and the business goes south (bad) and those who abuse the fact that they can take money from the bank they own. they owned the bank not the money in the bank mind you. that is corruption. that is beyond commercial/civil case. if it was in the UK/US someone would be ramming their arseholes in jails now.

and mind you, CBN and NDIC are part of the EFCC board members.

they should compile a long list and haul those ppl to jail. it will bring the fear of God into those that are left. Man, these bankers dem dey enjoy!

If it's true i wonder what a bank chairman will need a loan of 17 billion for.

Those people only did found all those banks to siphon poor peoples money to their own coffers.

Those are first class financial crime. Insider trading / transaction is one thing that make Nigerian companies to go down suddenly, i wonder if we would have been able to hear all these if not for Soludo's bitter pill.

17billion for ermmmmm importing cars that dont really fit the nigerin roads...moving their kids abroad for education....building the biggest house in the village ( mind u theres no good road to the village)...political campaigns n so on...

EfCC or not these people should be arrested n given long sentences not just adjourn adjourn adjourn n then 6months house prison....

The main point is they should be caught n drag to court....including those accountants !!

There is nothing wrong with EFCC swooping down on anyone if they have committed a crime subject to the EFCC mandate. The problem is EFCC acting as both policeman and judge and the idea of presumed guilt. In Nigeria you are guilty until proven innocent and EFCC can detain you without a court order indefinitely while they have not charged you with a crime.

Without a court order, EFCC will come to your house and/or office and take you back to their office, or demand that you report to them in Abuja or else. Yet the EFCC head refuses a COURT subpoena because he is above the law. The Plateau State house of Assembly asked him to come and respond to a matter and he outright refuses, why because to him they are not constituted authority. After all he has only one boss and it is not the Nigerian people.

It is only in Nigeria that the government and its agency publish the name of a commercial debtor before proving a case in court. Innocent people are turned into wanted people on the pages of a newspaper because they borrowed money from the bank for legitimate business and maybe the business or the opportunity failed. Whoever told a bank that every kobo they lend they will get back? When did a bank loan become a Treasury bill, yet the charge outrageous interest?

Even the Federal government defaults on its obligations and who arrests them? This is different from someone acting as bank director and abusing his power. If there is a crime to prove how about proving it in court?

Maybe this is one of those issues where everyone should just shut up and watch. The only problem with that is that it may appear ok until the victim is your father, mother, brother or sister.

Bro na true talk o! Think d name is Ebitimi Banigo of Allstates Trust took N17b from d bank as chairman.