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2023 Elections in Nigeria: EFCC tracks Candidates’ Spending

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Fidelity bank staff -EFCC

2023 Elections in Nigeria and anti-money laundering crusade of the EFCC will witness a heightened focus as the  operatives of the Economic and Financial Crimes Commission and NFIU are positioned to curb illicit and suspicious financial activities during the period leading to the General elections in Nigeria.

As part of its efforts to prevent money laundering prior to the general elections, the EFCC has sent out its operatives to follow candidates’ campaign expenditures and keep an eye on their bank accounts.

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It was believed that the development was also intended to thwart the candidates’ and their political parties’ attempts to shift significant sums of money while disguising them as election expenditures.

The N150 trillion in suspicious transactions were reported by banks, insurance companies, microfinance banks, asset management firms, brokers, and other financial institutions, according to the most recent NFIU report.

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EFCC, NFIU joint operations

According to a report by The PUNCH the EFCC and the NFIU are jointly tracking the financial transactions of presidential, governorship, national and state assembly candidates ahead of the 2023 Elections in Nigeria.

The operation also includes focused scrutiny on top bankers who were suspected of enabling Very Important Persons (VIP) to transfer huge stash of money.

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Meanwhile, Techscoops earlier reported that the EFCC is ready to prosecute anyone found transporting money instrument or sabotaging the economy. Such a person is liable to 10 years imprisonment.

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