EFCC, NFIU Intensifies Surveillance Of Campaign Spending, Tracks Fund Movement

The Nigeria Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC) have jointly intensified their surveillance of campaign spending of political parties and their candidates ahead of the 2023 polls.

Naija News reports that officials from both agencies were carrying out a series of joint operations to close in on several suspicious spending by parties, candidates, and top chieftains.

The EFCC as part of actions to combat money laundering ahead of the general elections is reported to have deployed its operatives to track candidates’ campaign spending and monitor their bank accounts.

According to Punch, the move is targeted at politicians and to frustrate the movement of huge cash under the guise of election spending by the candidates and their political parties.

Naija News understands that there might be indications revealing that both agencies are focusing their searchlights on the leading parties and their candidates, because of their ability to generate huge donations, including illicit funds, which could be laundered under campaign or election expenditures.

Naija News learnt that the Punch recalls that the EFCC in May 2022 had requested the bank accounts and other financial details of the political parties from asked the Independent National Electoral Commission (INEC).

It said in a letter signed by the EFCC Director of Operations, Michael Wetkas, the commission demanded a list of all political parties, their designated bank accounts and any other information that could aid its investigation.

The anti-graft agency also requested details of the 14 accounts operated by the All Progressives Congress (APC) and the Peoples Democratic Party (PDP) and another organisation believed to be connected to the opposition party from the managing directors of Access Bank Plc and Polaris Bank.

However, Naija News also gathered that joint operation by the two agencies EFCC and NFIU is tracking the financial transactions of presidential, governorship, national and state assembly candidates.

The operation is said to have its searchlight on top bankers who were suspected of enabling Very Important Persons to transfer huge stash of money, and chief compliance officers of banks have been given strict directives to enforce the necessary protocol against money laundering in their respective financial institutions.

A source told Punch that the EFCC and the NFIU were scrutinising the financial ebb and flow of money into the accounts of the leading candidates, particularly, those who command a huge financial chest.

These compliance officers from the various banks were expected to report any suspicious transactions by political parties and their candidates to the NFIU and the EFCC for action.

Also, information gathered by Punch indicates that the financial intelligence agencies were equally monitoring the Bureau De Change operators following reports that some of them were assisting politicians to clean up their looted funds.

The source revealed that “The anti-graft commission is serious about preventing candidates from using this election period to launder stolen public funds, hence the security watch on top bankers, including managers, chief compliance officers and others in the operations department of financial institutions. Anyone who flouts the protocol on money laundering will be dealt with.

“They (financial institutions) have been warned to report every suspicious transaction or movement of huge amounts of money in the remaining 100 days to the general elections.”

Meanwhile, the EFCC spokesman, Wilson Uwujaren said little about the operation when contacted by Punch.

He said, “I don’t have such information now, but I will find out and let you know.”

However, some financial security experts have shown support for the joint operation by the EFCC and NFIU.

An intelligence and security consultant, Abuh Adam, told the Punch that EFCC operation would help curb vote buying during the election, adding that culprits should be prosecuted.

Adams said “The outcome is what matters to Nigeria. This will make people now or in the future conscious of how to use monetary inducement on people. People might see it as a witch-hunt but that is the right thing to do. In America, if politicians embezzle funds, they don’t go close to politics but in Nigeria, politics serves as a cover. Let those with illicit funds be identified, exposed, and prosecuted. “

Another security expert, Oladele Fajana, said, “To me, it is a welcome development but my questions are, will the right things be done at the end of the day? Will this be extended to the so-called big political parties or will it end up as a witch-hunt against some persons and their parties?”