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Adeosun: Microfinance banks now used as conduit for corruption

The federal government has observed some suspicious transactions by fraudsters and some civil servants to siphon money using the micro finance banks in the country.…

The federal government has observed some suspicious transactions by fraudsters and some civil servants to siphon money using the micro finance banks in the country.  

In a letter addressed to the Governor, Central Bank of Nigeria, Godwin Emefiele,  the Minister of Finance Mrs Kemi Adeosun  strongly solicited the cooperation of the CBN, in extending the requirement for Bank Verification Number (BVN) to account holders in Microfinance Banks (MFBs), to facilitate the detection of bank accounts which might have been opened and operated in such banks for ghost workers by fraudulent syndicates. 

She said that the introduction of the Bank Verification Number by the CBN  has contributed immensely in improving the  integrity of the Federal Government payroll  on which  more than 50, 000 ghost workers were detected and removed. 

A statement from the finance ministry signed by Director Information, Salisu Na’inna Danbatta, Mrs. Adeosun stated that operating bank accounts in Microfinance Banks without requirement for BVN has left a huge loophole which individuals, intent on financial crimes, could use to hide and launder proceeds of crime and successfully escape detection by law enforcement agencies. Mrs. Adeosun referred the CBN Governor to the discovery that, prior to the deadline for obtaining the BVN, the movement of a large number of salary accounts of Federal employees from commercial banks to Microfinance Banks, was observed. “This is a suspicious activity and we have already commenced a review of such cases to identify and investigate any cases of fraud,” the Minister explained.

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