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New Naira notes: Three serving governors, others under pressure over billions stashed – EFCC



Following the decision of the Central Bank of Nigeria, CBN to redesign some Naira notes, the Economic and Financial Crimes Commission (EFCC), has said it is monitoring at least three serving State governors who hoarded billions of Naira in their houses.

The EFCC Chairman, Abdulrasheed Bawa, who made the revelation in an interview with Daily Trust on Thursday, said the governors are planning to pay salary through cash.

The EFCC Chairman said in the interview that 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 State.

“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.

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.

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