CBN 8 BILLION NAIRA SCAM.

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal


Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria
by a few individuals in the banking sector.

Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.

Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?

Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?

Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.

They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.

There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.

At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.

Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.

Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.

When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.

At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story.
Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.
Last week’s column ended with the assertion that since money is regarded as the root of all evils, then banks must be the devil’s preferred workshop because nowhere else are individuals, like all of us, exposed to the temptation to “help” themselves to “wealth without work” (apologies Ghandi) as in banks. The accused revealed, so far, are junior staff. The amounts traced to them don’t add up to N8 billion. So that should tell us something.
Among the questions we should be asking are the following. Who assigns staff to this sensitive task? What criteria are used in selecting those assigned? And, why are they not subject to continuous investigation?
Also, how on earth can junior staff of banks have so much in their accounts with any branch without anyone alerting the authorities? Finally, were all these people such loners in their banks that none of their colleagues was aware of their stupendous wealth or was there an active conspiracy of silence in every branch of the banks involved?
Let us start with the first question – which should point to collusion by senior bank officials. It is a fact, easily demonstrated that all the staff of most organisations, private or public, eventually, get to know the assignments which are most and least lucrative. Competition for the most lucrative becomes almost cut-throat. The senior staff responsible for posting invariably trade on this knowledge.
They post only those who will render “returns” from the illegal self-enrichment that would follow. Customs staff posted to the Murtala Mohammed Airport or Seme invariably live beyond their legitimate incomes. Posted out, they fight with everything at their disposal to return to the lucrative posts. The same is true of Police Officers, Navy Commanders etc.
There is absolutely no reason to think that the same system of patronage does not operate in the banking sector. It is quite possible that for each of the junior staff so far apprehended there is a senior staff who arranged the posting knowing what would occur and benefiting from it. That would partly explain the huge gap between the N8-12 billion involved and the sum total of the assets found with the culprits at the moment.
At the risk of being accused of trying to teach the prosecutors their jobs, one might want to suggest an approach often adopted by US prosecutors. They offer to turn one or two of the accused to witnesses for the state in exchange for lighter sentences if they would provide vital information which will lead to the BIG people who probably master-minded the scam in the first place.
Looking at the staff involved, including drivers and security staff, it would appear that only one or two senior staff who could coordinate the activities of these people and remove the security cover could have planned it. Those now in the net might be small “fish” – while those who received the lion’s share of the loot are planning their escape or have already fled Nigeria.
Finally, the conspiracy of silence, which made it possible for the scam to go on for so many years, must have involved some pay-offs to other staff members to buy their silence. Generally, it is almost impossible for three or four people to keep a secret of this magnitude for years.
When we now have almost a dozen people involved, then they need a broad base of support from other staff in all the branches involved; and there must be an arrow-head ensuring that the conspiracy of silence is maintained. And, that can only mean regular pay-offs to other staff members in the branch.
At the moment, the EFCC is merely scratching the surface. They would not have solved the riddle until they can account for almost N7.5 billion.

- See more at: http://www.vanguardngr.com/2015/06/cbn-and-the-n8bn-scam-2/#sthash.MkrOhMZ9.dpuf