Most National Investments In Nigeria Were Done With Dirty Money - Ribadu

A former Chairman of the Economic and Financial Crimes Commission, Mallam Nuhu Ribadu, has revealed that most national investments are done with money gotten through illegal means.

The Punch reports that the former EFCC boss said this today, Wednesday, August 19, 2015 in Abuja at the 2nd Anti-Money Laundering/Combating Financial Terrorism Stakeholders Consultative Workshop organised by the Association of Certified Anti-Money Laundering Specialists.

Ribadu claimed that the major challenge of taunting the economy’s growth are the various illegal financial activities such as terrorism financing and money laundering.  He said, “Everything that is wrong about Nigeria has to do with dirty money. If you can follow it, get it back and punish these people, then you have cured the problem of Nigeria. “When I look around, I see a lot of investments that were done with dirty money. Government needs help in identifying and catching these people. “Though, it may seem like a daunting task, but with professionals like ACAMS, Nigeria is already poised to achieving this.”

Ribadu however suggested ideas correct the trend. He said there was the need for collaboration between relevant stakeholders to fight money laundering and terrorism financing. He called for the building of a strong anti-graft institution to spearhead the fight against money laundering, adding that the restructuring of the banking sector had also helped to restore confidence in the Nigerian economy.

He said, “In 2003, Nigeria was on the black list of most developed countries, especially US, for money laundering. This meant that our financial institutions found it difficult doing business in foreign lands. “We could not use Mastercard, Visacard or credit card. Our financial institutions could not access international loans. At one time, it was almost impossible for a Nigerian to open an account in the US or UK. “Nigerians, travelling abroad, were subjected to serious scrutiny relating to drugs, terrorism and money laundering. The list is endless. But now, things are changing. Nigerian banks are now listed on the London Stock Exchange and getting access to foreign loans. This is a sign of improvement; however, more can be done.”