Magu stated this on Friday, while speaking at a round table meeting with managing directors of financial institutions in Nigeria.

The EFCC boss spoke on the theme: “Roles and Obligations of Managing Directors of Banks in Nigeria in Curbing Vote Buying During an Election, Illicit Financial Flows and Other Related Matters in Nigeria”.

He said: “It is worrisome to note that in 2018, statistics available to the EFCC shows that out of about 28 commercial banks in Nigeria, 10 banks evacuated out of Nigeria through Travelex Nigeria Limited the sums of GBP- 50,832,560; USD-8,057,756; EURO-39,986,560 and RAND-7,500,000. The reasons for these evacuations are still sketchy. We must note that the impact of illicit financial flows from the country undermine the stability and integrity of the financial institutions.”

According to Magu, intelligence reports have shown that banks are aiding their customers to receive foreign financial inflows to their accounts in neighbouring countries, where they have branches like Ghana, Republic of Niger and other West African countries.

“The money is then couriered into Nigeria through the land borders to circumvent declaration and reporting,” he stated.

Describing them as “gatekeepers”, Magu said no country could control illicit financial flows, without the cooperation of financial institutions.

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As early as 9am, no fewer than 20 different branches of the various banks had been shut with sealed notices placed at the property.

Some of the areas the enforcement team carried out their activities include, Dugbe, Mokola, Idi-Ape, Agodi Gate, Secretariat Road, Challenge, Jericho, Bodija, UI among others.

Some of the affected banks also include, Diamond, Stanbic IBTC, Skye, FCMB, Heritage.

Immediately the officials of the affected banks were seen running around to tidy up their papers to save losing the whole days business.

While some succeeded in making the necessary payment as fast as they could to resume operations, some others were seen still trying to reach out to superior authority for further directive.

A source within the government enforcement team said the affected banks defaulted in the payment of the annual environmental development levy.

The tax, which is paid to the coffers of the state government is said to be payment for the impact of the various business and corporate entities on the environment across the state.

The affected banks were also said to have been found guilty for various duration ranging from 2015 to 2018, despite series of official communications and reminders to the management at different times.

It would be recalled that the Oyo State Board of Internal Revenue (OYBIR), the coordinating agency for collecting all government revenues had last month issued a 14 day ultimate to all tax payers in the state to pay up all outstanding dues and levies to the coffers of government.

The Chairman of the Board, Mr Bicci Alli had warned in the paid advertorial that the agency would embark on massive enforcement to seal up all erring corporate organisations on the expiration of the ultimatum.

But a source hinted that about two weeks after the expiration of the 14 days, the OYBIR had also written series of reminder letters to the affected banks, to which no response was gotten until the enforcement.

Many people who were within the affected bank premises when the enforcement team sealed up were seen with shock on the faces and expressing disappointment that cooperate organizations like banks could default in tax payment.

Alli said, the enforcement team decided to focus on banks to serve as deterrent to other defaulting corporate organisations, adding that the exercise is continuous.

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The figure means that an average of 340 people were sacked every week from January to June 2017.

The NBS statistics is contained in a report on Monday titled “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength.”

In the first quarter of 2017, 174 top executive staff were gainfully employed but the figure reduced to 161 in the second quarter.

Figures for senior level staff showed that 20,483 were on payroll in the first quarter. This dropped to 19,826 in the second quarter.

For junior staff category, 33,783 were employed as at the second quarter, lesser than the 36,202 that had jobs in the first quarter.

However, the number of contract staff increased from 20,237 in the first quarter to 21,837 in the second quarter.

The post Nigerian banks sack 340 staff every week – NBS first appeared on MegaIcon Magazine.

The post Nigerian banks sack 340 staff every week – NBS appeared first on MegaIcon Magazine.