Naira Notes: 3 Governors Seeking Ways To Spend Stashed Billions – EFCC

The Economic and Financial Crimes Commission (EFCC) has said it is monitoring at least three state governors who hoarded billions of naira in their houses.

EFCC chairman, Abdulrasheed Bawa, said this followed the decision of the Central Bank of Nigeria (CBN) to redesign some naira notes.

According to Bawa, the move by the governors to launder stashed money through cash payment of salaries is against Section 2 of the Money Laundering Prohibition Act. Bawa, who made the revelation in an interview with journalists, said the governors were planning to pay salaries through cash.

The EFCC chairman said the commission’s raid on bureau de change operators would be sustained until the old naira notes fade away. He urged Nigerians to support the system for the benefit of all, stressing that any cash transaction beyond five million naira is a crime.

“Already, some state governors that have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their states. I don’t know how they want to achieve that but we have to stop them from doing that. Well, we are working, they have not paid the salaries in cash yet but it is a very serious thing,” he said.