Why Osinbajo Wants Banks Punished
Nigerian banks have been accused of playing a role in the propagation of crime in Nigeria. They are allegedly help politicians steal and hide our common wealth.
This is why the Acting President, Prof. Yemi Osinbajo is very angry.
On Monday, he said banks and other financial institutions warehousing illicit funds should be made to face the consequences of their criminal conducts.
Osinbajo was addressing the “Conference on Promoting International Co-operation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development’’ in Abuja when he said this.
According to Osinbajo, the transfer of illicit funds cannot happen without a “handshake’’ between the countries where the funds are transferred from and financial institutions and countries to which the assets are transferred.
“There is no way it will happen without some form of connivance between international banking institutions and those who transfer these funds.
“So, we must work at somehow de-legitimising those kinds of transactions and criminalising them.
“So that banks and financial institutions that are engaged in this are actually called out and are made to face the consequences of engaging in criminal conduct.
“If that isn’t done, we are not likely to get very far.’’