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EFCC warns Igbo against patronage of Wonder Banks

By Emeka Mamah
ENUGU—The Economic and Financial Crimes Commission, EFCC, has asked Nigerians, especially the Igbo not to patronise unlicensed financial institutions who promise mouth-watering profits, in order to avoid being duped of their hard earned money.

The Zonal Head of the EFCC, Mr Johnson Babalola, gave the warning in a “Media Parley,” in Enugu yesterday.

He did not disclose reasons for the un-solicited advice but sources within the EFCC in Enugu said that he spoke against the deluge of petitions from those who lost their money after patronising “wonder banks,” in the zone.

Babalola said that Nigerians should learn from the Umana Umana episode several years ago by banking their money in licensed commercial banks in the country.

“If you bank money in First Bank or UBA among several other commercial banks across the country, your money will be safe. Don’t bank money in any illegal financial house because the probability is that you could lose such money to dubious people,” he said, adding that it was greed that led people to patronise wonder banks because of the expected huge gains.

He then urged the media to partner the EFCC to ensure a less corrupt society.

On the recent arrest of the immediate past governor of Enugu State, Sullivan Chime and the Vice Chairman of the Peoples’ Democratic Party, PDP, in the zone, Mr Austine Umahi in connection with the PDP campaign fund, Babalola said that the anti-graft body was investigating the source of campaign funds.

“We are investigating the sources of campaign funds in all the states. You already know that the money meant for the purchase of arms and ammunition for the military in the course of the fight against the Boko Haram terrorists were used for campaigns during the last general elections. We are investigating the matter with a view to recovering the stolen


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