Across Nigeria Corruption Matters

EFCC hunts banks, developers for N100bn housing loan scam

The Economic and Financial Crimes Commission has focused its attention on developers and primary mortgage banks that obtained housing loans to the tune of N100bn from the Federal Mortgage Bank of Nigeria, but misappropriated the funds.

The Chairman of the EFCC, Mr. Ibrahim Magu, promised the FMBN that the anti-graft agency would help the bank to recover the funds when the acting Managing Director and Chief Executive Officer of the bank, Richard Esin, led his team to the corporate headquarters of the EFCC in Abuja.

The EFCC said on its official Facebook page that Esin applauded Magu for his achievements in the fight against corruption

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