The Economic and Financial Crimes Commission (EFCC) has announced that it is monitoring at least three serving State governors who kept billions of Naira in their homes when the Central Bank of Nigeria, CBN, decided to redesign certain Naira notes.
The governors intend to pay salary in cash, according to EFCC Chairman Abdulrasheed Bawa, who revealed the revelation in an interview with Daily Trust on Thursday.
In the interview, the EFCC Chairman stated that until the old Naira notes vanish, the commission would continue to raid Bureau De Change businesses.
In order to benefit everyone, he urged Nigerians to support the system, emphasizing that any cash transaction worth more than five million Naira is illegal.
“Already, some State governors that have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their State.
“I don’t know how they want to achieve that but we have to stop them from doing that. Well, we are working, they have not paid the salaries in cash yet but it is a very serious thing,” he said.
Bawa claims that the governors’ attempt to violate Section 2 of the Money Laundering Prohibition Act by paying salaries in cash is illegal.
