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1 May 2017 02:23 (South Africa)

Nigerians tighten thumb screws over banking graft

The former head of Nigeria’s Bank PHB has had additional charges brought against him, as authorities crack down on several money laundering cases following a $4 billion banking sector bailout by the nation’s central bank. Francis Atuche had earlier wanted a federal court to quash 26 counts against him, but instead, the Lagos-based court accepted prosecution requests for an additional 19 charges. Atuche is among several banking executives who are accused of granting credit facilities without collateral, ramping up share prices and engaging in poor corporate governance. Recently, the central bank rescued nine poorly capitalised institutions that put the country’s economy at risk. Nigeria has significantly bumped up its anti-graft fighting capacities, and observers are now focusing on the country’s dubious judicial system to see whether it will prosecute corruption cases against well-connected leaders. Read more: Reuters, Basel Institute on Governance

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