Nigeria Banks To Report Suspicious Cash Transactions of Politicians

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By Shamsydeen Badmus

Published: November 4, 2009

Nigeria Banks To Report Suspicious Cash Transactions of Politicians

 

Shamsydeen Badmus & Tayo Adelaja

Nigeria’s banking sector has been ordered to start reporting on suspicious cash transactions from people involved in politics. The new regulation requires banks to check the identity of anyone making a transaction above 250,000 naira (around 1,600 US dollars). Transactions will have to be reported if one of the accounts moving the cash belongs to people deemed to be “politically exposed”. This includes former heads of state, politicians, local government chairmen, court officials, soldiers and members of royal families. The regulation is part of the reform implemented by central bank governor Lamido Sanusi, which aims to alleviate Nigeria’s banking crisis and tackle corruption in the sector.

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