Naira Redesign: Governors are attempting to use hoarded billions to pay salaries in a hurry, according to the EFCC.

The Economic and Financial Crimes Commission (EFCC) is keeping an eye on some state governors who have hidden billions of naira in various houses.

The EFCC Chairman, Abdulrasheed Bawa, stated this in an interview with Daily Trust on Thursday, November 3.

This follows the Central Bank of Nigeria’s (CBN) recent announcement that it will redesign some naira notes.

Bawa stated that the governors intend to pay salaries with the stashed cash in order to launder the money.

The chairman also stated that the anti-graft agency’s recent raids on Bureau De Change operators in various parts of the country would continue until new naira notes were issued.

According to Bawa, the state governors’ decision to launder the stashed money through cash salary payments violates Section 2 of the Money Laundering Prohibition Act.

He emphasized that any cash transaction worth more than five million naira is illegal.

“Some state governors who have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their states,” Bawa said.

“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”.

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