Bahamas Tips Off Nigeria Over Illicit Bank Funds

by Leroy Baker, Lawandtax-News.com, New York

14 March 2007

The authorities in the Bahamas are reported to have alerted Nigeria's Economic and Financial Crimes commission to a bank account belonging to a former Nigerian regional governor holding US$5m of illicit funds.

The EFCC's chairman Nuhu Ribadu said he could not disclose the name of the individual since the case was sub judice, but that the person concerned was planning to stand in next month's governorship elections.

The Commission was set up by President Olusegun Obasanjo in 2001 to fight corruption. Ribadu said that many of Nigeria's 36 state governors had been investigated for corruption, with four having been removed from office. He said the agency planned to use the Constitution to prevent indicted individuals from standing in the elections.

Said Ribadu: "We identify such monies all over the world and make the request and freeze them after getting restraining order against such monies. When the whole process is complete then the monies will be returned to Nigeria."

"The laws have made it possible to trail and follow all illicit wealth. No such wealth can be hidden again today. It will be traced and recovered and the EFCC has the capacity and is in a position to trace all financial transactions locally and internationally. It is therefore fruitless to attempt to hide assets. The EFCC international networks are also far reaching."

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