Monday 23rd October, 2017
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EFCC raids: War against corruption is winning, says ex-PENGASSAN spokesman

EFCC raids: War against corruption is winning, says ex-PENGASSAN spokesman

The Federal Government’s anti-graft war has received a fillip from a one-time spokesman for the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Mr Oluwaseyi Gambo.
 
Gambo scored the administration’s war against corruption very high, citing the ongoing raids of homes and business premises across the country and recovery of stolen public funds in foreign currencies.
 
“The ongoing raids of homes and other places for the recovery of monies outside the banking system by the EFCC shows that the war against corruption is on and the government is working.
 
“Keeping such monies outside the formal financial sector is a sickening and very disturbing scenario.
 
“It is very bad for the economy to have millions in foreign currencies stacked in septic tanks, air conditioned strong rooms in villages and other places.
 
“This is happening because the government has been able to make it almost impossible for illegal wealth to find `expression’ within and outside the country,’’ he told the News Agency of Nigeria (NAN) on Friday in Lagos.
 
Gambo said even the worst cynics could see that President Buhari’s multifaceted campaign against corruption was working.
 
NAN reports that on April 12, the Economic and Financial Crimes Commission (EFCC) said it had uncovered cash to the tune of 43.4 million dollars, 27,800 pounds and N23.2 million in a residential building in Lagos.
 
The four-bedroom apartment said to be located on the 7th floor of Osborne Towers at 16, Osborne Road, Ikoyi, Lagos, was stormed by EFCC operatives following a whistle blower’s confidential alert.
 
According to Gambo, corruption is a monster, and the fight against it is a do-or-die affair without half measures.
 
He noted the “imprisoned monies” would have been  invested in infrastructure with a great multiplier effect on the economy.
 
He stressed:“If all these `imprisoned’ foreign currencies are in circulation, it can be used to finance many projects and activities.
 
“Imagine Dangote keeping all his monies under the bed, it will not flow.
 
“Money in circulation has a multiplier effect and it helps to create jobs, provide healthcare, education, industries and ease banks’ lending rate for development.
 
“Putting money in the bank not only gives you security and a good return on the deposit, it helps the entire economy and the populace directly with its attendant multiplier effect.
 
“If we have all these funds in the bank, the government will sell more bonds or treasury bills, borrowing locally and internationally may be unnecessary and it will not put pressure on the local currency (the Naira).
 
Gambo commended FG’s whistle-blowing policy, saying evidently the policy has led to the recovery of billion of naira in different locations in the country.
 
“Is it not amazing that Nigerians knew these things and are just cooperating with the law enforcement agencies?
 
`This is the fruit of a good policy; making a policy after analysing the issue and profiling the personalities at play,” he said and lauded the EFCC for “a job well done.” 

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