Follow Us on Google
From Romanus Ugwu, Abuja
Economic and Financial Crimes Commission (EFCC) yesterday, accused Nigerian politicians of laundering the proceeds of crime through various political advertisements for next year’s general elections.
The anti-corruption agency made the accusation at a stakeholders summit on advertising the influence of money on the 2023 general election, organised by the Independent National Electoral Commission (INEC) in Abuja.
EFCC Chairman, Abdulrasheed Bawa, represented by his Chief of Statff, Hadiza Gamawa, however warned of the determination of the agency to deal decisively with the politicians involved in the financial crimes.
“Electioneering process comes with huge spendings and in some instances, the proceeds of crime are laundered through what we do know that there are a lot of advertisements that take place. Billboards, live shows, print media, and so much more,” the EFCC alleged.
Warning the election stakeholders, the anti-corruption agency, said: “Political parties are therefore enjoined to strictly adhere to the election guidelines and make full disclosures of their sources of campaign finances. It is imperative to remind us all that we should be guided by the provisions of section two of the money laundering prevention and Prohibition Act 2022. That particular provision talks about limitation to make or accept cash. Everybody must be guided by conducting any financial transaction above a certain threshold outside the financial institution. As an individual, you must not transact above N5 million, and as a corporate body, you must not translate above N10 million.
“The law also provides for the penalty, which stipulates that a person who contravenes the provision of subsection 2 is liable on conviction to imprisonment for a term not less than four years, but not more than 14 years or a fine not less than five times the value of the proceeds of the crime or both.
“So, we enjoin all to be guided by this provision. We are therefore calling on all political parties to strictly adhere to the electoral guidelines, or the extant laws and regulations aimed at addressing the use of funds to influence general elections and make the full disclosures as we set up their campaign finance sources.
“It is our firm belief that curbing the use of funds to influence election outcomes is the right step in ensuring that we installed leaders who will uphold integrity, accountability, and it is therefore, in the interest of every Nigerian desirous of a better future for us and our unborn generation to insist for a free, fair and credible elections,” the anti-corruption agency appealed.
