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Naira redesign targets looted funds – EFCC boss, Abdulrasheed Bawa

Nov 17, 2022

The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said the decision to redesign the naira is aimed at returning hidden public funds.

 

The antigraft agency boss made this known in his recent interview with Deutsche Welle DW Hausa Service. According to him, the Federal government wants people who hid the funds to deposit them in bank accounts.

 

The EFCC chair insisted that there was no political motive behind the idea. According to him, President Buhari had evaluated and accepted the advice put forward by the Central Bank of Nigeria on the redesign of the naira.

 

“These public funds were embezzled and we want them to return them; we have not told anyone not to bring this money out. What the government said was to deposit the money into bank accounts, or else sanctions may follow.

The redesigning of the naira in law is expected to be done after every eight years; Nigeria has 20 years without redesigning, almost 80% of the naira is not in the bank and the CBN is in the hands of people; so how can the government succeed? How can a country get 25% of foreign exchange which is a benefit from its currency in 10 days?

There is no political motive behind this; some people siphoned and hid public funds and that is why we want them to bring them out.

We are also calling on Nigerians and even non-Nigerians that all channels are accessible; if anyone knows someone who hid suspicious money, they should alert us and we will investigate it; when we investigate the money and get it, the whistleblower also gets 5 per cent.”he said