Commission starts investigating private financial institution for alleged corruption


The Federal Ethics and Anti Corruption Commission (FEACC) announced that it has already received several tips on private financial institutions and these institutions are currently under investigation. The commission was only recently enabled to tackle corruption in the private sector.
Ali Suleiman, Commissioner of FEACC, recently told journalists that corruption tips from the private sector, mainly related to private financial institutions are growing.The new proclamation gives FEACC power to investigate business enterprises managing finances mobilized from the public, as well as share companies involved in manufacturing, agriculture, trade, construction, transport, finance and others.
“Despite how the new proclamation allow FEACC to follow corruption cases in the private sector is, and despite the need to create more awareness in the public, we already have some cases of private sector corruption under investigation,” he said.
Most of the tips that come from the public mainly focus on the private banks. “The establishment of banks’ board members, loan approvals and hard currency markets are the major areas that tips are currently focused on,” he said.
The announcement substantiates wide held rumors that currency exchange, letters of credit and loan approvals are often obtained through bribery.
“We do not have adequate staff to operate at an optimal but we are also mobilizing our capacity to expand our responsibility,” the commissioner said.
FEACC claims that its turnover is too high; qualified and experienced staff often leave looking for better payment. The issue is stated as a major impediment for FEACC, preventing the commission from operating at its best.
Suleiman said that in addition to tackling misdemeanor, the commission also focuses on the establishment of a working legal system on the private sector.