EFCC visits Standard Chartered office in Lagos

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The Economic and Financial Crimes Commission (EFCC), Nigeria’s financial crime agency, visited the Lagos office of Standard Chartered bank, but left shortly afterwards.  A statement released by the bank said the officers who visited the office had no reason to be there.

Standard Chartered and three other banks were ordered by Nigeria’s central bank to bring back to the country $8.134 billion. The apex bank accused them of aiding MTN Nigeria in sending the money abroad, a situation which was a breach of foreign exchange regulations.

Although the bank said no laws had been broken, Standard Chartered and three other banks were fined a total of 5.86 billion Naira for breaching Nigeria’s extant laws and forex rules. The fine has been deducted from the accounts of the banks accused.

It was not clear if officers from the EFCC visited the bank in relation to the matter. A statement released by the agency said “the Commission will investigate circumstances leading to this illegal raid by errant officers and those found culpable would be subjected to the internal disciplinary mechanism of the commission”.

 

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